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Bitcoin has around 10 days until United States macro conditions support a return to BTC price upside.

That is according to financial commentator Tedtalksmacro, who tracks the correlation between BTC price action and U.S. Federal Reserve liquidity.

Bitcoin (BTC) may be down around 3.2% in June, but the tables may turn before the month is out.

Analyzing how Fed liquidity conditions impact BTC/USD, Tedtalksmacro revealed a close correlation, which has held for several months.

The correlation between Bitcoin + Fed Liquidity never ceases to amaze me, he wrote in accompanying commentary on X.

A chart from his proprietary macro data resource, Talking Macro, showed BTC price highs and lows syncing with local peaks and troughs in Fed liquidity.

Even Bitcoins latest all-time high of $73,800 in mid-March was accompanied by a liquidity spike.

Clarifying how liquidity is calculated, Tedtalksmacro confirmed that the figure is based on a mixture of Fed assets, repo markets, treasury data.

Talking Macro referred to problematic short-term headwinds for Bitcoin, noting a new decline in inflows to the U.S. spot Bitcoin exchange-traded funds (ETFs).

Related:Bitcoin price uptrend intact with hodlers 120% in profit Research

After seeing their second-highest daily inflows on record in early June, the trend reversed, with the past four Wall Street trading days conversely seeing net outflows.

Data from monitoring resources, including United Kingdom-based investment firm FarsideInvestors put the four-day outflow tally at just over $700 million still less than the June 4 $886 million inflow.

Anticipation continues to build for the third quarter and beyond when it comes to a new wave of institutional interest in Bitcoin, as U.S. wirehouses are predicted to gain access to spot ETF products.

As Cointelegraph reported, that event forms a key point on the radar for those eyeing Bitcoins continuing transformation into an institutional heavyweight investment class. Among them is Cathie Wood, CEO of asset manager ARK Invest, one of the spot ETF providers.

No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we havent even begun, she said in an interview in March about U.S. wirehouses.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin price rebound may hit in 10 days as Fed liquidity rips higher - Cointelegraph

The Nasdaq Composite is on a tear, having just made its seventh consecutive day of record highs.

The Dow Jones Industrial Average and the S&P 500 have enjoyed similar highs, thanks to chipmaker Nvidia and investor frenzy around artificial intelligence.

Bitcoin, however, has failed to tag along.

While market watchers predict the cryptocurrency could surge as high as $200,000 over the next year, it has held steady at around $65,000 for the past week.

Here are four factors holding back the top cryptocurrency.

Bitcoin is simply catching its breath after a formidable start to the year, Adam Morgan McCarthy, an analyst at crypto data and analytics firm Kaiko Research, told DL News.

The Nasdaq may have risen 18% this year so far, but Bitcoin is up 53%, McCarthy noted. And its not just because Bitcoin tends to be more volatile theyre simply moving on different factors.

Bitcoin had a very strong start to the year thanks to regulatory developments in the US specifically, Morgan said. The next drivers for Bitcoin will be the long-term impact of the latest halving and ETF demand.

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The fourth halving, which occurred in mid-April, cut in half the amount of Bitcoin that miners receive for maintaining the blockchain. Because less Bitcoin is created, market participants expect the supply shock to push the price upward.

But the halvings effects usually take a few months to become apparent, McCarthy said and are mostly visible once demand for Bitcoin picks up.

ETF demand in the US could have a big impact here, as more advisers and firms onboard new investors over the coming months, McCarthy said.

Its normal for the quadrennial event to be followed by months of subdued trading, concurred Jacob Joseph, research analyst at CCData. Especially since markets overheated in the months leading up to the halving.

Centralised exchanges recorded new all-time high volumes in March, and that speculation, as indicated by open interest, was at unprecedented levels, Joseph told DL News.

Open interest is a metric that reflects the total number of futures contracts outstanding. High open interest tends to be due to speculative frenzy.

In that sense, the market needs the current cooling period or price consolidation before we see the typical rapid price expansion of Bitcoin and other digital assets, Joseph said.

Last week was the worst period in spot Bitcoin exchange-traded fund outflows since March to the tune of $620 million.

The short-term outflows from the spot Bitcoin ETFs have also contributed to the negative sentiment in the market, adversely affecting the price action of the asset, Joseph said.

However, the upcoming launch of Ethereum ETFs, coupled with the recent positive macroeconomic data, suggests that Bitcoin and major crypto assets are likely to soon reverse their trend and aim for new cycle highs.

Once the biggest crypto exchange in the world, Mt. Gox has loomed over the industry since it collapsed in 2014 after being hacked.

The reason? Roughly $9.2 billion worth of Bitcoin has been held up in the bankruptcy, waiting to get paid back to creditors.

Now it looks like those 142,000 Bitcoin could flood the market any time before October 31, Mt. Goxs final deadline for repayments.

The market could simply be waiting for these redemptions to occur.

A mass Bitcoin redemption event is unlikely, David Duong, head of research at crypto exchange Coinbase, recently told DL News. But concerns around these repayments could still constrain liquidity as market players may avoid deploying new capital amid the uncertainty.

Bitcoin miners are also putting pressure on the top cryptocurrencys price.

While the halving constrained the amount of new Bitcoin that mining firms can create and sell, most of these operations still hold formidable Bitcoin reserves.

The sector has dumped roughly $300 million of its Bitcoin reserves since the beginning of the year, according to analytics firm CryptoQuant.

And Marathon Digital, the largest publicly listed US miner, has offloaded more than $92 million in June alone about 8% of its billion-dollar stash.

Eric Johannsson and Tom Carreras write about markets for DL News. Got a tip about Bitcoin? Reach out at eric@dlnews.com or tcarreras@dlnews.com

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Nasdaq just notched its seventh straight record high why hasn't Bitcoin budged? - DLNews

Bitcoin (BTC) failed to reclaim $65,000 after the June 18 Wall Street open as analysts predicted further BTC price downside.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to maintain support near key trendlines.

Bitcoin (BTC) shed another 3% on the day, continuing a downtrend now responsible for up to $7,900 of losses since it began on June 9.

With various support levels now on the radar, market participants began to warn that many of these lacked conviction under current conditions.

For Keith Alan, co-founder of trading resource Material Indicators, multiple moving averages (MAs) were now a problem after spot price slipped through them.

I set a trailing stop loss before leaving town to protect some profits in case Bitcoin dumped. That wick to $64k last night scaled me out of a position, he revealed to followers on X.

Next up for a retest, as Cointelegraph reported, was the short-term holder cost basis at just under $64,000 as of June 18.

BTC approaching short-term holders cost basis around $63.8k, dont want to see consecutive days closed below. Typically serves as a good line in the sand for trends, William Clemente, co-founder of crypto research firm Reflexivity, wrote in part of a commentary on the topic.

Analyzing order book activity, popular trader Daan Crypto Trades warned that spoofing was rife, with large blocks of liquidity being posted and removed in a possible attempt to drive BTC price in a certain direction.

A good bunch of those orders got filled, he acknowledged as BTC/USD headed lower after the Wall Street open.

Updating Telegram channel subscribers, trading firm QCP Capital offered an alternative perspective on crypto market forces.

Related: Why is the crypto market down today?

Far from bad news, it suggested, Bitcoin and altcoins were suffering from a lack of news altogether.

While BTC seems to have sneezed, alts seemed to have caught a cold as they drop 20-30% over the weekend, it wrote.

QCP thus suggested a wait-and-see approach to boring markets.

The total altcoin market cap traded down 7.5% on the day at $219.06 billion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Originally posted here:
Bitcoin analyst optimistic of buying BTC lower as 3 trendlines fail - Cointelegraph

Wizard Crypto expects Shiba Inu (SHIB) to hit a target of $0.003 if Bitcoin trades at $150,000 per coin in the upcoming bull run.

The crypto market has continued to witness a broader onslaught, wreaking havoc on the prices of top assets like Shiba Inu and Bitcoin. While BTC dropped to a weekly low of $63,554, SHIBs price crashed to a low of $0.00001742 in the same timeframe.

Despite the recent bloodbath, market participants expect these assets to embark on a significant recovery during a bull run.

In particular, pseudonymous crypto expert Wizard Crypto recently projected that BTC will reach a price target of $150,000 per coin during the peak of this seasons bull run.

The target aligns with a similar prediction issued by British multinational banking giant Standard Chartered. As reported earlier, Standard Chartered projected that BTC would hit $150,000 by the end of 2024.

Furthermore, Wizard Crypto also projected that Shiba Inu could hit a target of $0.003 within the same period BTC is anticipated to reach $150,000. Hitting the $0.003 target would require Shiba Inu to rally 16,520% from its current price of $0.00001805.

Notably, the expert did not indicate any factor that could propel SHIBs price for a surge toward the $0.003 level. However, Wizard Cryptos prediction suggests that they are relying on Shiba Inus correlation with Bitcoin to drive the price of SHIB to $0.003.

Besides Wizard Crypto, other prominent experts have also issued a similar $0.003 price target for Shiba Inu. However, they believe Shiba Inu would wait several years before achieving the feat.

For instance, experts at crypto trading platform Changelly projected that SHIB would hit the $0.003 target by 2040, 16 years from now. In addition, crypto prediction platform Telegaon expects the $0.003 price target to become a reality by 2035. Furthermore, popular AI chatbot ChatGPT forecasted that SHIB could hit the target by 2044, almost 20 years from now.

Although SHIB experienced more remarkable growth in 2021, it will take more than its correlation with Bitcoin to reach $0.003 if BTC hits the $150,000 mark.

Nonetheless, several factors, including an unprecedented level of adoption, increased utility, and hefty burns, could play a pivotal role in SHIBs potential surge to the $0.003 level.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Expert Says Shiba Inu Could Reach $0.003 if Bitcoin Hits $150K - The Crypto Basic