Bitcoin has been influenced by several factors simultaneously. The sell-off at the beginning of June was linked to the first Bitcoin sell-off detected by Strategy in several years, a long series of outflows from spot ETFs, and a large transfer of funds from the Mt.Gox wallet to a new address. The outflows from Bitcoin ETFs in the US have become one of the longest and largest since the launch of these products in January 2024.
James Seyphart, a Bloomberg Intelligence analyst, noted that about $9 billion has exited Bitcoin ETFs since its peak, although most long-term fund investors have chosen to maintain their positions.
Artistic image
On the H4 chart of the BTC/USD pair, a bullish corrective channel has formed after an impulsive decline towards the $59,000 area. The price then advanced to the upper border of the channel at $67,250, but failed to maintain those levels. The channel was then broken lower, with prices moving towards a test of the current low at $60,800.
The Point of Control (POC) is concentrated in the $62,700-$62,800 area and could attract market attention if the price rebounds from the lower bound.
The upper border of the profile is near $64,180 and could act as resistance if the POC zone is broken. The RSI+MAs stand at 34, 37 and 42 respectively. The oscillator remains below the neutral zone but has recovered from the oversold zone, while the moving averages remain bearish and continue to point bearish.
Meanwhile, vertical volume rose sharply during the decline on June 24, which may have been interpreted by market participants as a sign that the local downtrend was about to complete.
summary
The unusually high volume recorded on June 24, combined with the current RSI position, does not provide strong confirmation that the recent domestic impulse will continue, although the moving averages are still pointing lower for the time being.
Additional price movement may be affected by upcoming US inflation data, as well as inflows into Bitcoin ETFs, which saw record outflows during June.
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