Crypto Analyst Says Bitcoin Must Hold Above $51,800 As ETF Outflows Trigger Crash
2024年5月3日 - 3:00AM
NEWSBTC
The Bitcoin price continues to trend below $60,000 as a 20% decline
triggered a brutal market-wide crash. This has exposed multiple
critical support points for the cryptocurrency, some of which the
price has already fallen below. In light of this, a crypto analyst
known as Norok has revealed the level the BTC price must not fall
below to maintain its bullish trend. Bitcoin Price Must Hold Above
$51,800 In an analysis posted on the TradingView website, crypto
analyst Norok revealed that $51,800 is now the most important
support level for Bitcoin. Norok pointed out that Bitcoin has since
returned to its last support level which was last seen in December
2023, making this a crucial support. In the meantime, the support
that had been built up by bulls at the $62,000 level has since been
broken by bears and has now been turned into resistance.
Nevertheless, the crypto analyst does not believe that the Bitcoin
price has turned bearish, despite the crash that has rocked the
crypto market. For Norok to turn bearish, he stated that the BTC
price would have to break down below support at $51,800. According
to him, such a move will invalidate whatever bullish thesis is in
play for Bitcoin, ending the bullish trend of 2023-2024. Source:
TradingView.com In the short term, Norok identifies $56,900 as a
level that bulls must hold. He explains that this could help to
reinforce the current bullish trend. “Price must hold here at this
Support and then it can recapture the cloud to resume to Bullish
Trend,” the crypto analyst said. “This is a highly decisive moment
in Price action today.” BTC Suffers As A Result Of ETF Outflows One
major driver of the Bitcoin price decline in the last few weeks has
been a turn from inflows to outflows in Spot Bitcoin ETFs. Since
these ETFs require the issuers to hold BTC to support the assets
they are selling to investors, inflows are incredibly bullish as
these issuers have taken to buying BTC to fulfill this requirement.
However, with investors beginning to withdraw their funds, the
reverse has been the case, leading to a high selling pressure in
the market. Spot Bitcoin ETFs have now recorded six consecutive
trading days of outflows, reaching an all-time high outflow record
$563.7 million on Wednesday, according to data from Coinglass.
Source: Coinglass If these outflows continue, then the BTC price
could continue to decline, and at the current rate, the pioneer
cryptocurrency might be testing Norok’s $51,800 soon enough.
However, a turn toward inflows would mean issuers have to buy BTC
and this can translate to a price recover. BTC price pushes to
$59,000 | Source: BTCUSD on Tradingview.com Featured image from
Kiplinger, chart from Tradingview.com
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