Last week, the total investments put into crypto products reached a staggering $2 billion, with Bitcoin (BTC) accounting for $1.97 billion and Ethereum (ETH) adding $69 million to the mix. CoinShares, a company that releases weekly reports on digital assets, noted that this inflow was the highest ETH had seen since March.
While Bitcoin and ETH were in the spotlight, investors showed confidence in the short and long term potential of the coins. The positive macro data announced in the US played a significant role in boosting sentiment towards Bitcoin. Despite this, BTC traded sideways for most of the week, with a current price of $69,373.
The behavior of short-term investors, as measured by the Short Term Holder-Net Unrealized Profit/Loss (STH-NUPL) metric, indicates that most holders are not confident in Bitcoin’s short-term price increase. This lack of confidence could result in the price continuing to move sideways in the near future.
In terms of price analysis, the Bulls and Bears indicator provided by IntoTheBlock shows a neutral sentiment towards Bitcoin, with neither bulls nor bears dominating the market. This neutrality could keep BTC trading in a tight range until a clear trend emerges.
Looking ahead, a bearish market condition could potentially push Bitcoin’s price down to $68,000, while an improvement in market sentiment could see the coin rising back to $71,000. Overall, the crypto market remains volatile, and investors should stay informed and cautious in their trading decisions.
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