In recent months, we witness continuous demand for Bitcoin ETFs listed on the US stock market.
This week, the ETFs attracted 2.72 billion dollars of inflows, which traders consider the growing role of property as digital protection with gold, which only broke the boundary of $ 4,000 per ounce.
These figures are difficult to ignore, especially since federal reserves to tend to acclaim after reducing interest rates in September.
However, breaks were common during recent growth. After reaching the peak in July, Bitcoin fell by 9% in the next three weeks before he headed up. August experienced a similar time frame, but a deeper recovery of 14%.
Alex Kuptsikevich from the FXPRO said in the Coindescu email so we could see a similar decline in the range of 107,000 to 115,000 dollars, especially since the FED’s decision of the 29. Nazi as a key macro marker.
“However, even attempts to move below the upper bound of this range will cause a key date on the horizon – the decision of the FED’s key interest rate on 29. October,” SEEbiz has added.
This range now defines a balance between customers with falling and patient short positions. The derivative market is less stretched than it was last month, and Cryptoquant notes a sudden reduction in the seller’s pressure.
Looking in advance, the ETF flows would be a real test if the spot demand is sticky or simply pre-loaded.
The macro frame has not changed a lot. The closing of the US government enters another week, leaving investors in the dark about the official data. Nevertheless, the uncertainty created by the closure is conducive to property that is attractive as a refuge, such as gold and bitcoin, according to analysts. The yellow metal broke over $ 4,000 this week.
For BTC, the key limit remains $ 125,000. Enter it and demand for the + wise will absorb the offer. If we return back too soon, we will probably return to the price of 115,000 to $ 118,000.
