News
Bitcoin (BTC) News Today: US ETF Market BTC-Spot Sinks BTC in Reaction to Fed
- GBTC recorded net outflows of $167.4 million, up from $93.2 million on April 30.
- FBTC reported net outflows of $191.1 million, the steepest since the Jan. 11 launch. Significantly, FBTC recorded net outflows for the fifth session.
- The ARK 21Shares Bitcoin ETF (ARKB) saw net outflows of $98.1 million.
- Six of the seven ETFs with updated flow data recorded net outflows on Wednesday (May 1).
Bloomberg Intelligence ETF analyst James Seyffart reacted to the flow data and third-party sources for the IBIT numbers, said,
“Edddd IBIT has its first day of outflow from its existence. Ruff Day will be a Bitcoin ETF.”
According to Tree News, IBIT recorded net outflows of $36.9 million on Wednesday (May 1).
There were no trades on the Hong Kong BTC and ETH spot ETF markets. Hong Kong markets were closed for the Labor Day holiday.
Technical analysis
Bitcoin Analysis
Bitcoin it sat comfortably below 50 days EMA while remaining above the 200 day EMA. The EMAs confirmed short-term bearish but long-term bullish price signals.
A breakout of BTC from the $60,365 resistance level would give the bulls a run towards the 50-day EMA and the $64,000 resistance level. Selling pressure may intensify at the $64,000 resistance level. The 50-day EMA converges with the resistance level.
US labor market data and BTC spot ETF flow data from Hong Kong and the US will need to be taken into account on Thursday.
Conversely, a BTC collapse below the $55,000 mark could give bears a run towards the $52,884 support level.
With a daily RSI reading of 31.71, BTC could drop to the $55,000 level before entering oversold territory.