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Bitcoin Price Gets 'Interesting' with Triple Candle Close at $61.5K

Bitcoin's price experienced notable volatility as it approached key weekly, monthly, and quarterly closes. Traders anticipate significant moves, with BTC recently recovering to $61,668 after dipping below $60,000.

• Main Points:

  • Volatility Increase: BTC's price fluctuated significantly as it neared critical candle closes.

  • Support and Bids: Bids appeared below $60,000, indicating strong support.

  • Liquidity Shifts: Major liquidity zones were identified at $60,583 and $61,600.

  • Optimistic Outlook: Despite recent declines, analysts remain positive about BTC's performance.

  • Delayed Price Target: A trader revises his $95,000 BTC price prediction due to recent market performance.

• Detailed Insights:

  • Volatility Increase: Bitcoin's price action saw uncommon weekend volatility ahead of its weekly, monthly, and quarterly close. BTC/USD hit intraday highs of $61,668 on Bitstamp, rebounding from a low of $59,950.

  • Support and Bids: Significant bids emerged below $60,000, demonstrating robust support levels. Notable trader Daan Crypto Trades highlighted over $500 million in bids placed below the current price, suggesting strong buying interest.

  • Liquidity Shifts: Data from CoinGlass identified key downside liquidity at $60,583, with bids extending to $59,500. Conversely, liquidity above the current price shifted higher as BTC surpassed $61,600.

  • Optimistic Outlook: Despite a 2.6% decline week-to-date, trading expert Michaël van de Poppe remains optimistic. He believes the correction phase is nearing its end and expects a positive weekly candle for Bitcoin.

  • Delayed Price Target: Trader BitQuant acknowledged the improbability of his near-term $95,000 BTC price prediction. Despite this, he maintains that Bitcoin's fundamental outlook remains strong and anticipates reaching this target eventually.

Related: Top Reasons Why Bitcoin Price Could Dip To $50K

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Ethereum Spot ETF Launch Delayed by Bloomberg Analyst

Bloomberg analyst Eric Balchunas has extended the projected deadline for the launch of Ethereum Spot ETFs in the US. This adjustment follows the US SEC's delayed response to the second round of S-1 form submissions.

• Main Points:

  • S-1 Forms Submission: Initial S-1 forms were submitted in May; the SEC's feedback was swift but light.

  • Delay in Second Round: SEC's response to the second round of comments has been slower.

  • New Predicted Timeline: Approval expected shortly after July 8, post-US Thanksgiving holiday.

  • ETF Inflows: Ethereum Spot ETFs are projected to quickly attract $1 billion in monthly inflows.

• Detailed Insights:

  • S-1 Forms Submission: In May, the SEC approved the 19b-4 filings from eight prospective issuers of the Ethereum Spot ETF, clearing the first hurdle for these investment funds. The SEC's initial feedback on the S-1 forms, which detail the ETF's investment objectives, strategies, risks, and fees, was described as "pretty light."

  • Delay in Second Round: While the first round of feedback was prompt, the SEC's response to the second round of comments has been slower. This delay has led Bloomberg analyst Eric Balchunas to adjust his initial projection, moving the anticipated launch date from July 2 to shortly after July 8.

  • New Predicted Timeline: Given the fast-approaching US Thanksgiving holiday, Balchunas predicts that work on the S-1 forms will resume on July 8. The approval will follow once the SEC is satisfied with the amendments, which are expected to be minor.

  • ETF Inflows: Analysts remain bullish on the potential performance of Ethereum Spot ETFs. Charles Yu of Galaxy Research predicts that these ETFs could see $1 billion in monthly inflows during the first five months of trading, driven by a high demand similar to that of Bitcoin ETFs.

Related: What's Driving Ether (ETH) Price Surge Today?

Bitcoin Miner Capitulation Reaches December 2022 Levels – What's Next?

Bitcoin miners are facing severe financial stress, leading to significant BTC sell-offs. Current miner capitulation levels mirror those seen in December 2022, following the FTX collapse. This could signal a potential market recovery as seen in previous cycles.

• Main Points:

  • Miner Financial Stress: Post-halving, miners are offloading BTC to cover rising costs.

  • Capitulation Levels: Current levels are similar to December 2022 after the FTX collapse.

  • Network True Hashrate: A 7.6% drawdown indicates severe miner strain.

  • Potential Market Impact: Increased selling pressure may lead to price drops but could precede a market rebound.

• Detailed Insights:

  • Miner Financial Stress: Following Bitcoin’s fourth halving, miners are experiencing heightened financial pressure due to increased operational costs. This has forced many to sell their BTC holdings to stay afloat.

  • Capitulation Levels: On-chain data reveals that current miner capitulation levels are akin to those in December 2022, shortly after the FTX exchange collapse. This period marked a significant low in the crypto market, characterized by panic and widespread sell-offs.

  • Network True Hashrate: The Network True Hashrate Drawdown, which measures the reduction in mining computational power, is currently at -7.6%. This reflects the struggles miners face in maintaining operations under tight financial conditions.

  • Potential Market Impact: Historically, significant miner capitulation often precedes market recoveries. The last time the Network True Hashrate Drawdown was at this level, the market hit its cycle bottom, suggesting that Bitcoin might be primed for a rebound. However, the immediate impact could be an increase in selling pressure, potentially driving BTC prices lower.

Related: Bitcoin vs. Dogecoin: Which Crypto Offers Better Returns in 2024?

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results