Overview
From June 17 to June 21, 2024, Bitcoin ETFs saw significant outflows, reflecting changing investor sentiment amid market volatility. On June 17, outflows totaled $145.9 million, with major withdrawals from FBTC and ARKB. June 18 saw even higher outflows at $152.4 million, led by FBTC and GBTC. June 19 had no activity. Despite a minor inflow on June 20, total outflows were $139.9 million. The week ended with $105.9 million in outflows on June 21. These consistent outflows suggest investors are re-evaluating their positions due to market turbulence.
Bitcoin Price Analysis
Over the past week, Bitcoin (BTC) saw a significant decline, dropping from $66,676 to $62,384. During this period, BTC faced difficulties in holding above the crucial resistance level of $67,200, repeatedly slipping below this mark. This ongoing resistance indicates a tough environment for BTC to surpass and maintain a sustained upward trend above $67,200.
If Bitcoin (BTC) drops below the $62,000 level, it could potentially decline to the nearest significant support level around $59,000. This level has previously acted as a strong support zone, where buyers have stepped in to prevent further declines. However, if the $59,000 support is breached, it might indicate a further downside momentum, possibly leading to a more substantial correction in the price of BTC.
Ethereum Price Analysis
Last week, Ethereum (ETH) experienced a decline from $3,624 to $3,364. During this period, ETH faced difficulties in staying above the critical resistance level of $3,500, often slipping below this mark. This struggle to remain above $3,500 underscores the prevailing resistance in the market, suggesting that Ethereum may encounter challenges in maintaining upward momentum in the short term.
A drop in Ethereum (ETH) below the $3,200 mark could signal a potential decline towards the nearest support level at around $2,900. This scenario indicates that failing to sustain a price above $3,200 might expose ETH to additional selling pressure, potentially pushing it lower towards $2,900. Traders and investors keep a close eye on critical support levels such as $3,200.
Solana Price Analysis
Over the past week, Solana (SOL) saw a notable price decline, dropping from $151 to $124.52. Throughout this timeframe, SOL faced difficulties in staying above the critical resistance level of $157, repeatedly failing to maintain its upward momentum beyond this point. This struggle to surpass $157 indicates a significant resistance level in the market, potentially signaling hurdles for Solana to achieve a sustained upward trajectory in the immediate future.
If Solana (SOL) falls below $120, it may decline toward the closest support at $107. This would signal a deeper weakening of SOL's position, indicating increased selling pressure and limited buying interest. Traders and investors will likely closely monitor SOL's price near the $120 level to gauge the potential for a continued downtrend toward $107.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
