iShares Bitcoin Trust ETF Hits Record Daily Trading Volume Amid Market Turmoil
- Record Trading Volume: The iShares Bitcoin Trust ETF achieved a staggering daily trading volume of nearly $10 billion on February 5, surpassing its previous record of $8 billion, indicating heightened market interest and volatility surrounding Bitcoin.
- Severe Price Drop: On February 5, the ETF experienced its second-largest daily price drop since inception, falling 13%, which reflects investor concerns over Bitcoin's persistent downtrend and could lead to further capital outflows.
- Outflow Dynamics: As of February 4, the ETF recorded total outflows of $373.4 million, despite over $200 million inflows in the preceding two days, highlighting the drastic shifts in market sentiment.
- Escalating Market Risks: Bitcoin has plummeted over 49% from its all-time high, with a single-day drop of 15% on February 5, as fears over macroeconomic and geopolitical factors intensify, with analysts predicting Bitcoin could fall to $10,000, reminiscent of the 2008 financial crisis.
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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 4 technical signals, shows that 1 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 | 36469.337 | 48234.669 | 61205.087 | 72970.419 | 85940.837 | 97706.169 | 110676.587 |
| Fibonacci | 48234.669 | 57683.725 | 63521.362 | 72970.419 | 82419.475 | 88257.112 | 97706.169 |
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