Bitcoin Drops as Tech Stocks Hit All-Time Highs
- ETF Outflows Surge: Recent weeks have seen spot Bitcoin ETF outflows exceed $23 billion, with a single-day outflow of $483.8 million on June 1, indicating a sharp decline in institutional demand for Bitcoin, which may lead to further price drops.
- Accelerated Institutional Absorption: According to Binance Research, institutions are absorbing Bitcoin at nearly four times the mining rate, with current holdings reaching 2.56 million BTC, representing 12.7% of circulating supply, suggesting that despite significant outflows, institutions are still actively positioning themselves.
- Tech Sector Rally: The US technology sector has surged 42% over the past two months, marking the largest two-month gain in 24 years, with Amazon, Alphabet, Meta, and Microsoft projected to invest a combined $630 billion in AI infrastructure this year, highlighting a trend of capital flowing into AI.
- Shift in Market Sentiment: Bitcoin has fallen below the $70,000 support level, currently around $67,000, with social media sentiment flipping to extreme fear, indicating a significant decline in trader confidence towards Bitcoin and reflecting a pessimistic outlook for future price movements.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 4 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0142 | 0.0188 | 0.0228 | 0.0274 | 0.0314 | 0.036 | 0.04 |
| Fibonacci | 0.0188 | 0.0221 | 0.0241 | 0.0274 | 0.0307 | 0.0327 | 0.036 |
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