The decline in the crypto market was arrested by a sudden BTC rebound on June 25, which was likely aided by a reversal of the outflows in the spot Bitcoin ETFs.
The crypto market is back on an upward trajectory after days of steady declines. Bitcoin and its price recovery were likely responsible for the improvement in sentiments. Meanwhile, the BTC rebound was probably influenced by better indicators of the spot Bitcoin ETFs, which have started seeing inflows again.
The last seven days witnessed over $1 billion in outflows among the spot Bitcoin ETFs. On June 25, this trend finally stopped, and there was about $31 million worth of inflows on that day. This may indicate a strong impact of the ETFs on BTC’s price range. Investors could have also picked up a buying opportunity for BTC at around $60,000. Bitcoin also did not slip below the mark during the dip, which hints at a slowdown of the sell-offs.
Crypto analysis firms have indicated how BTC would have had to stop dipping at around $56,000 to prevent a crash this month. With a few days to go for June to end, the crypto market is unlikely to see a crash. But a sharp uptrend could be on the cards as other altcoins in the market have also started recovering.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,400 on June 26, 2024, with BTC/USD trading higher by a margin of 0.28% in the last 24 hours. Bitcoin’s market cap was trading at around $1.21 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (66,589.81), as BTC’s 24-hour volume was at around $26.84 billion. The global crypto market cap increased by around 0.18%, trading above $2.26 trillion. BTC’s year-to-date returns are at 46.47%.
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