Bitcoin, the world’s leading cryptocurrency, has seen a significant resurgence in its market value, climbing back up to $59.3K after a period of volatility. This surge is accompanied by an intriguing indicator: 84.4% of the network’s available supply is now in profit, marking its lowest level in two months.Â
Traditionally, such dips in this ratio tend to signal more favorable conditions for bullish activity.
🤑 #Bitcoin's market value has rebounded to $59.3K, and the percentage of the network's available supply in profit is at 84.4%. This $BTC ratio is at its lowest level in 2 months. Lower levels generally justify more #bullish conditions. https://t.co/C6q0WUkDc8 pic.twitter.com/BpNKXZUjLM
— Santiment (@santimentfeed) May 2, 2024
Analyzing the technical side, renowned analyst Ali Martinez has shed light on an interesting development. The TD Sequential, a widely watched indicator, has flashed a buy signal on Bitcoin’s daily chart. This signal suggests a potential rebound ranging from one to four daily candlesticks, adding weight to the notion of a bullish resurgence for BTC.
The TD Sequential presents a buy signal on the #Bitcoin daily chart. It anticipates a one to four daily candlesticks rebound for $BTC. pic.twitter.com/QK2B6GOQOI
— Ali (@ali_charts) May 2, 2024
Bitcoin BTC ETF Data To MonitorÂ
Delving deeper into the market dynamics, data from Spotonchain paints a nuanced picture of investor sentiment. Despite a negative net inflow of -$34M on May 2, 2024, it’s worth noting that this has persisted for seven consecutive trading days. Interestingly, four Bitcoin ETFs witnessed single-day inflows, led by the ARK 21Shares Bitcoin ETF ($ARKB) with a notable $13.3M inflow.
🚨 $BTC #ETF Net Inflow May 2, 2024: -$34M!
• The net inflow has been negative for 7 consecutive trading days.
• 4 Bitcoin ETFs experienced single-day inflows again, with the #ARK 21Shares Bitcoin ETF $ARKB having the largest inflow at $13.3M.
• #BlackRock iShares Bitcoin… pic.twitter.com/2m6SaffG3V
— Spot On Chain (@spotonchain) May 3, 2024
Conversely, the BlackRock iShares Bitcoin Trust ($IBIT) has seen stagnant or negative inflows for the same seven-day period. Notably, the Grayscale Bitcoin Trust (GBTC) saw a significant reduction in its single-day outflow, dropping from $167M to $54.9M.
In summary, while Bitcoin’s recent market behavior has been tumultuous, various signals point towards a potential bullish trend. From technical indicators to ETF inflows, the landscape suggests that investors are closely monitoring Bitcoin’s trajectory, poised for potential opportunities in the ever-evolving cryptocurrency market.
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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