ETF Issuers Push Forward with New Filings Amid Bearish Crypto Market
- New ETF Filings: Despite the bearish cryptocurrency market, Bitwise Asset Management filed for a Uniswap-linked ETF this month, while ProShares sought approval for leveraged Bitcoin and Ether ETFs, indicating ongoing confidence in digital asset fund demand.
- Increased Market Competition: With over 140 crypto-focused US ETFs currently trading and 10 more launched this year, the market is becoming increasingly competitive, and a BNB staking ETF is expected to launch soon, intensifying market dynamics.
- Investor Sentiment Deteriorating: As liquidity tightens and risk appetite wanes, investor interest in crypto assets has diminished, with data showing that buyers of US spot Bitcoin ETFs are sitting on average paper losses of around $84,100, while the current price hovers near $66,000.
- Significant Fund Outflows: In recent months, over $1.5 billion has been withdrawn from Ether-focused ETFs and more than $3.5 billion from Bitcoin ETFs, reflecting a decline in market confidence in crypto assets, which may impact future inflows.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC 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 stock.
Support, Resistance & Moving Averages From a structural perspective, BTC 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 $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 40818.203 | 50409.102 | 60005.013 | 69595.912 | 79191.823 | 88782.722 | 98378.633 |
| Fibonacci | 50409.102 | 57738.463 | 62266.55 | 69595.912 | 76925.273 | 81453.36 | 88782.722 |
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