iShares Bitcoin Trust ETF Hits Record Daily Trading Volume Amid Market Turmoil

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2d ago

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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

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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