WOO X Research Insights: Crucial BTC Price Levels Amid $11.94 Billion Spot ETF Inflows
30 Abril 2024 - 3:27AM
Analysts at WOO X Research have outlined four pivotal price levels
offering insights into Bitcoin's latest trajectory against an
$11.94 billion influx into Bitcoin spot exchange-traded funds
(ETFs).
In its daily research note, WOO X Research noted
BTC falling to a low of $61,756, “entering a resistance area that
sparked a bull counter-attack that drove the price to a high of
$64,734.”
The daily note said Bitcoin's ability to
maintain levels within the $61,100-$66,000 range signifies a
consolidation phase while breaching $66,000 and holding above
$68,000 suggests potential bullish momentum.
"Overall, BTC is anticipated to persist in its
fluctuations within the $60,000-$68,000 range. This adjustment
phase has endured for six weeks, with the market eagerly
anticipating the emergence of the subsequent major upward trend
following these fluctuations," the note further reads.
WOO X Research said the net inflow of BTC spot
ETFs underlines the growing demand for cryptocurrency investment
products, noting the specific ETFs have drawn attention for their
trading volumes and net flows:
- Grayscale Bitcoin Trust (GBTC):
Witnessed a single-day net outflow of $24.66 million, contributing
to a cumulative net outflow of $17.21 billion.
- Invesco Bitcoin ETF (IBIT):
Recorded a single-day turnover of $758 million, with no net inflow
reported, but maintaining a cumulative net inflow of $15.48
billion.
- Fidelity Bitcoin ETF (FBTC):
Reported a single-day turnover of $224 million, experiencing a net
outflow of $6.85 million.
- ARK Bitcoin ETF (ARKB): Noted a
single-day net outflow of $31.34 million, with a trading volume of
$80.47 million.
In addition to analyzing BTC performance, WOO X
Research provided insights into trending projects in the crypto
space, monitoring crypto projects with significant potential, large
community bases, and active on-chain trading. The team looked for
premium projects in their early stages, particularly those yet to
issue tokens or secure listings on mainstream exchanges. Certain
functionalities, especially those that may be construed as offering
investment advice, are kept confidential for internal use only and
will not be made public.
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About WOO X Research
WOO X Research is the research division of WOO
X, dedicated to providing impartial market analysis, industry
insights, and comprehensive project assessments. The team at WOO X
Research aims to empower traders with the deeper knowledge needed
to navigate the ever-changing landscape of the cryptocurrency
market.
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