Bitcoin Taps $107,000 Again, Ethereum, Dogecoin Flat: Analyst Says ‘Massive’ ETF Inflows A Bullish Sign For Future BTC Price Movement – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)
Leading cryptocurrencies moved sideways on Tuesday as investors waited for Bitcoin’s breakout to new highs.
What Happened: Bitcoin tapped $107,000 late evening before pulling back slightly to the $106,000 region. The apex cryptocurrency was just 2.51% shy of its all-time high of $109,114.88.
Ethereum dipped to $2,440 in the early morning but recouped the losses overnight.
May has been a success for these blue-chip currencies. While Bitcoin increased by more than 14% this month, Ethereum rebounded with a 40% gain following months of decline.
Over $212 million in upside bets were liquidated from the cryptocurrency market in the last 24 hours, while $90 million in shorts were erased.
About $557 million in Bitcoin shorts could be liquidated if the apex cryptocurrency rallies to $109,000.
Bitcoin’s Open Interest increased by 1.87% in the last 24 hours and by more than 10% in the last week to $74.48 billion, suggesting that fresh money was being injected into derivatives.
The market maintained the “Greed” sentiment, according to the Crypto Fear and Greed Index.
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The global cryptocurrency market capitalization stood at $3.37 trillion, following a marginal increase of 0.44% in the last 24 hours.
Disclosure: 82% of retail CFD accounts lose money
Stocks retraced on Tuesday. The Dow Jones Industrial Average slid 114.83 points, or 0.27%, to end at 42,677.24. The S&P 500 snapped its six-day winning streak, closing 0.39% lower at 5,940.46. The tech-heavy Nasdaq Composite dipped 0.38% to end at 19,142.71.
Major averages have rallied substantially over the last six weeks, with the S&P 500 recovering 19.22% from its April lows.
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Analyst Notes: On-chain analytics firm Santiment drew attention to the surge in capital inflows into Bitcoin exchange-traded funds lately.
“Over the past 5 weeks, there has been a net inflow of $6.63 billion across BTC ETFs. This is historically a bullish sign for future price movement,” Santiment added.
Cryptocurrency analyst and investor Reed Carson anticipated a “big move” after analyzing Bitcoin’s 4-hour chart.
“Since April bottom, BTC has formed ascending channel and each time a breakout has happened to the upside,” Carson stated. “First breakout pumped BTC above $93,000, the second breakout pumped BTC to $105,000 and the upcoming one will send BTC above its previous ATH.”
Photo Courtesy: Igor Faun On Shutterstock.com
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