Crypto News

Bitcoin Experiences 4% Decline Amidst Market Volatility And Historical Q3 Struggles

Bitcoin saw a sharp 4% drop today, falling below the $67,000 mark. Historically, Bitcoin has faced challenges during the third quarter, with an average return of 6.49% and a median return of -2.57%.

Despite the decline, the TD Sequential indicator has flashed a buy signal on Bitcoin’s hourly chart, suggesting a potential rebound of one to four candlesticks, according to analyst Ali Martinez on X. This could indicate a short-term recovery for $BTC.

Open interest in Bitcoin remains near all-time highs at $18.752 billion, reflecting heightened trading activity, strong market sentiment, and the potential for increased volatility.

Bitcoin ETFs Net Inflow Records Massive $65 Million 

Recent ETF flows also highlight market dynamics. On June 10, 2024, Bitcoin ETFs saw a net inflow of $65 million. However, this turned negative after 19 consecutive days of positive inflows.

BlackRock’s (IBIT) single-day inflow plummeted from $168 million to just $6.3 million, while Grayscale’s (GBTC) outflows have remained around $38 million for the past three days.

These developments underscore the complexity of Bitcoin’s market, with significant fluctuations in trading activity and investor sentiment influencing its price movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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