Bitcoin Insider - Daily Edition: 30/06/24 - Read Time: 3 Min

Welcome back,

In this issue we focus on the current price action which is hinting toward a consolidation phase before its next directional move.

In recent news events, on-chain data signals market recovery after miner’s capitulation. Blackrocks Bitcoin ETF IBIT see’s zero inflows for the 5th day.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

Bitcoin’s Price Action is currently trading at a key technical regions where a rejection is likely.

Price Action on the intra-day timeframe is at a daily resistance, a rejection will increase the probability of a rotation back towards the lower support.

Further consolidation from this region is most possible, the market needs to finds its equilibrium.

VWAP Volume Weighted Price Action

The VWAP - Volume Weighted Average Price is a strong metric in technical analysis and has a high respect rate.

Bitcoin’s current Price Action is smacked against the VWAP- acting as critical confluence with the Daily Resistance.

At the moment there is weakness until this resistance region remains in-tact.

Latest Market News

BlackRock's Bitcoin ETF (IBIT) is lagging

This week, spot Bitcoin ETFs saw positive inflows after June's outflows. However, BlackRock's Bitcoin ETF (IBIT) is lagging, with zero inflows for five straight days, indicating fading interest.

BlackRock Bitcoin ETF Struggles. On June 27, spot Bitcoin ETFs had $11.8 million in net inflows, while Grayscale’s GBTC saw $11.4 million in outflows. Analysts aren’t worried about IBIT’s performance as BlackRock is buying IBIT shares through its other funds, recently adding 43,000 shares to its Global Allocation Fund.

Shifting Interest Institutional interest in Bitcoin ETFs is declining, partly due to the Fed's higher interest rates. Bitcoin also faces competition from Ethereum (ETH) and Solana (SOL) ETFs, with the first spot Ethereum ETF expected soon, potentially drawing investor interest away from Bitcoin.

BTC Miner Selling Drops hinting towards capitulation

BTC Miner Selling Drops, Market Recovery Hinted

On June 25, data showed a significant drop in miners' OTC Bitcoin sales, suggesting market recovery. This follows this year's Bitcoin halving, which reduced rewards and increased miner sales, causing volatility.

Eased Selling Pressure

CryptoQuant reports a major decline in miners' BTC selling since May, easing market pressure and sparking optimism. If the market absorbs this volume, an upward trend could emerge by Q3.

BTC Market Update

BTC's price rose 0.96% to $61,357.47, backed by three days of ETF inflows. BTC Futures OI dropped 1.56% to $31.56 billion, while derivatives volume rose 9.32% to $42.48 billion. The RSI at 35 indicates volatility, but an oversold condition might lead to a rebound. Despite U.S. and German governments selling BTC, optimism remains with today's Bitcoin options expiry.

Crypto X Segment

Emerging news and trends

Number of crypto ATMs installed nears its all-time record: The number of cryptocurrency ATMs installed worldwide has spiked 17.8% to 38,279 over the last 12 months — inching closer to its record of 39,541 set in December 2022.

Crypto Biz: Jump Crypto exec steps down, first MiCA deadline looms, and more: The first deadline for complying with new rules under the European Union’s Markets in Crypto-Assets Regulation (MiCA) is approaching, slashing more stablecoins from local markets. 

Mog coin (MOG) Records Massive Activity Defying Markets: Among top assets, Mog coin has soared to double-digit inflows with consistent longer-term numbers. In the last 24 hours, the asset is up 15% with increased volumes as users ramp up purchases. The asset’s uphill momentum is also seen in weekly numbers as inflows almost double. Mog coin is up 80% in the last seven days while 14 days inflows tapped 116%.

Meme Center

HODL is the only way 😃 

Current Situation 😆 

Bitcoin Insider bouncing back to work, See you in the next one! 👊