Bitcoin (BTC) Price Analysis: BTC Dipped to a Tuesday Low of $62389 before Retaking the $65000 Handle

Investor hopes that demand from the US BTC-spot ETF market to cushion the effects of the Mt. Gox repayments likely supported the BTC price recovery.

Bitcoin (BTC) price action recovered after dipping to a Tuesday low of $62,389. BTC price action began the week on a bullish note, retaking the $65,000 handle after a Monday morning surge.

However, BTC price dropped below the $64,000 support level early on Tuesday as a result of a downturn in the crypto market. But BTC price recovered later in the day.

A recent analysis by a senior ETF analyst at Bloomberg Intelligence highlighted the strong demand for US BTC-spot ETFs, despite the setback in June.

According to the analysis, another $300 million was added to the ETF on Tuesday, bringing the total weekly net creation to $1 billion and the year-to-date net total to over $16 billion for the first time.

The analysis also noted that the initial estimate for the first 12 months was $12-15 billion, which has already been surpassed with six months remaining.

Meanwhile, several investors remained optimistic about the possibility of multiple 2024 Fed rate cuts, which could boost demand for BTC.

Lower borrowing costs tend to increase the appetite for risker assets, driving up the demand for cryptocurrencies like Bitcoin.

However, traders are advised to remain vigilant and monitor Mt. Gox supply closely as Kraken announced that it will distribute the received BTC within 7 – 14 days.

Adjusting trading strategies based on real-time data and expert commentary is crucial to navigating the crypto market.

Bitcoin price analysis: BTC price remained above the 50-day and 200-day EMAs on Wednesday, indicating bullish price trends.

A BTC break above $67,500 would support a move toward the $69,000 resistance level. A breakout from the $69,000 resistance level could bring the March 2024 all-time high of $73,808 into play.

On Wednesday, Mt. Gox-related news and US BTC-spot ETF market flow data require consideration.

On the other hand, a drop below the $64,000 support level could signal a fall to the 50-day EMA.

With a 62.81 14-Daily RSI reading, BTC could rise to the $69,000 resistance level before entering overbought territory.

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