HomeCrypto NewsBitcoin on May 15 – BTC attracts investors again

Bitcoin on May 15 – BTC attracts investors again

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First sales on Hong Kong ETFs – The day of May 13 was the most important in terms of withdrawals. A total of 519 BTC moved out of Asian spot Bitcoin ETFs. BTC is not the only asset affected, as Ethereum spot ETFs have also seen withdrawals.

Despite the selling pressure, BTC continues to move above $60,000. After several weeks of distribution on investment products linked to cryptocurrencies, the market is once again recording entries. Is the hardest part over for the Bitcoin price? We take stock of the Bitcoin situation in today’s bulletin!

Bitcoin price falls by more than 1% in 24 hours

The price of Bitcoin is struggling to exceed $63,000. During yesterday, the course dropped around $61,000 before bouncing slightly. In fact, BTC is down more than 1% in 24 hours :

Bitcoin price falls by more than 1% in 24 hours - May 15, 2024.
Bitcoin performance against different pairs. Source : Coincheckup

BTC is now showing red for a month. You have to go back three months to see a positive performance (+18%). At the same time, the BTC/ETH pair climbs almost 3% in one week and more than 10% in three months.

Inbound flows are making a comeback on the cryptocurrency market

The price of Bitcoin recently marked a new all-time highbut the operators remain relatively chilly. In fact, the Volumes on exchanges and spot ETFs are plummeting. That’s not all, Google searches on Bitcoin show that operators are not rushing to the king of cryptocurrencies. However, it is interesting to note that according to the latest report from CoinShares, capital is back on financial products linked to cryptocurrencies:

Cryptocurrency-related investment products see inflows after four straight weeks of outflows - May 15, 2024. Cryptocurrency-related investment products see inflows after four straight weeks of outflows - May 15, 2024.
Weekly incoming and outgoing flows on cryptocurrency investment products Source: CoinShares

After knowing four weeks in a row in the redthe market is once again recording inflows on crypto investment products. Nevertheless, CoinShares indicates 130 million dollars in incoming flowsa good amount far from billions of dollars which were pouring onto the market at the start of the year. This still shows a Changing behaviour from the operators. The chances of Ethereum spot ETFs being validated by the SEC are low, as the operators decided to move away from ETH (-14 million dollars).

Bitcoin price attempts rebound from support at $61,500

The course managed to cross over to the other side of the bearish trendlinebut it blocked at the level of the resistance at $64,500. Then the buyers showed up on the 4H support at $61,500. After several bear attacks, the support holds up :

Bitcoin price tries to bounce off the support at $61,500 – May 15, 2024. Bitcoin price tries to bounce off the support at $61,500 – May 15, 2024.
Bitcoin price against the dollar (4H)

In case of bounceBTC could join the resistance at $64,500. It will be necessary break this resistance to find the $67,000. On the other hand, a break of $61,500 could bring down the BTC below $60,000. The next support is at $59,000. The RSI is trying to start rising again, it needs to be able to develop beyond 66 to display a clearly bullish momentum.

After four weeks in a row of outflows, investment products linked to cryptocurrencies are recording inflows. This could show a slowing down of bearish sentiment on cryptocurrencies, even if the amounts are relatively small compared to the start of the year. From a technical perspective, the price is trying to bounce off the support at $61,500. If a rebound takes place, the price will have to face resistance at $64,500. A rebound in BTC could allow Binance BNB to experience bullish volatility.

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