Since August, investor net inflows have reached $461 billion but have remained largely stagnant, indicating that new capital is not entering the market at an increasing rate.
Despite this, Bitcoin has seen a recent boost, climbing back above $61,000 with a nearly 6% gain in the past 24 hours.
Net Inflows and the Inflection Point in Bitcoin’s Realized Cap!
The net inflows by investors since August, now at $461B, are in a recovery phase but have seen virtually no increase. This highlights that the inflow of new capital remains stagnant. – By @p_rcival
Link 👇… pic.twitter.com/QL1qSlVMkS
— CryptoQuant.com (@cryptoquant_com) September 17, 2024
Resistance levels are distributed across the chart, but the key level to watch is $64,000. At this price point, 1.57 million addresses are currently holding Bitcoin at a loss. This could become a significant hurdle for Bitcoin’s continued ascent.
Bitcoin is climbing back above $61k, with a nearly 6% gain in the past 24 hours.
On-chain resistance levels are relatively evenly distributed, but a major level to monitor is $64k, where 1.57 million addresses are currently holding at a loss. pic.twitter.com/MiqDowjXHd
— IntoTheBlock (@intotheblock) September 17, 2024
The TD Sequential indicator on the 1-hour Bitcoin chart has flashed a sell signal, suggesting a possible short-term correction. Additionally, while the TD Sequential shows bearish signals, the RSI and Stochastic RSI indicate oversold conditions.
The TD Sequential indicator presented a sell signal on the #Bitcoin 1-hour chart, anticipating a brief correction! pic.twitter.com/uoCOeVzshF
— Ali (@ali_charts) September 17, 2024
This combination suggests that Bitcoin may face a correction unless it can maintain a candlestick close above $58,800.
In the lower timeframes, the TD Sequential flashes a sell signal for #Bitcoin, while both the RSI and Stochastic RSI show oversold conditions. A potential correction looms unless $BTC can sustain a candlestick close above $58,800! pic.twitter.com/7mBMt1vxvA
— Ali (@ali_charts) September 17, 2024
A notable whale has reappeared, selling 200 BTC, worth approximately $11.6 million, after a five-month period of dormancy. This whale is known for buying Bitcoin at lower prices and selling at higher prices, currently holding 2,800 BTC with a total profit exceeding $168 million.
A smart whale sold 200 $BTC($11.6M) again today after being dormant for 5 months!
This whale is very good at buying $BTC at low prices and selling at high prices!
The whale currently has 2,800 $BTC($164.4M) left, with a total profit of more than $168M!
Address:… pic.twitter.com/BFY1ChYlf8
— Lookonchain (@lookonchain) September 17, 2024
Bitcoin Spot ETF Flows With Mixed Results
On September 16, Bitcoin spot ETF flows showed mixed results. The total net inflow was $12.9 million, with Grayscale’s GBTC seeing an outflow of $20.8 million, while its mini ETF saw an inflow of $2.8 million. BlackRock’s IBIT ETF experienced an inflow of $15.8 million, and Fidelity’s FBTC ETF had an inflow of $5.1 million.
On September 16, the total net inflow of Bitcoin spot ETFs was $12.9041 million. Grayscale ETF GBTC outflowed $20.7546 million, Grayscale mini ETF BTC inflowed $2.8236 million, BlackRock ETF IBIT inflowed $15.8187 million, and Fidelity ETF FBTC inflow was $5.0641 million.…
— Wu Blockchain (@WuBlockchain) September 17, 2024
As Bitcoin navigates these technical and market dynamics, investors should stay alert to potential corrections and key resistance levels that could impact its price trajectory.
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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