As the spot Bitcoin ETFs marked continuous outflows for days, analysts and experts have turned their focus to the current Bitcoin sentiments, which are crucial to deciding the market’s trajectory.
The crypto fear and greed index has recently tilted towards the fear zone, marking the sell-offs in the crypto market. As a result, Bitcoin sentiments are also fighting bearish pressures. But on a positive note, BTC has held its support at around $61,000 despite the increasing outflows among the Bitcoin ETFs. The crypto market’s movements over the next few days are uncertain, with the absence of any major catalyst on the horizon.
ETH and other altcoins in the market went through neutral movements in the last 24 hours. ETH was trading above $3,300 on June 25, with a market cap of around $406 billion. On the other hand, Solana experienced a big price jump, as it rallied by over 9%. Its market cap has surged over $63 billion.
Other tokens that rose since June 24 included TON, DOGE, SHIB, AVAX, LINK, DOT, and others. Hence, the overall altcoin market cap did not see a steep decline like BTC. Some experts have shared concerns about further pressures in the crypto market. The total outflows on June 24 in the spot Bitcoin ETFs amounted to around $174 million. This key metric needs a turnaround for the broader crypto market to witness a recovery soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,000 on June 25, 2024, with BTC/USD trading lower by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (66,856.96), as BTC’s 24-hour volume was at around $42.24 billion. The global crypto market cap decreased by around 4.08%, trading above $2.23 trillion. BTC’s year-to-date returns are at 46.20%.
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