Bitcoin (BTC) News Today: BTC Holds Despite Spot ETF Trends and Fed Uncertainty

The US Jobs Report, the Fed, and the BTC-Spot ETF Market

Bitcoin (BTC) fell by 0.37% on Saturday (April 27). Following a 1.22% loss on Friday (April 26), BTC ended the session at $63,545. Significantly, BTC dipped below the $63,000 handle for the second time in the week.

The US Personal Income and Expenditures Report and Michigan Consumer Sentiment affected investor expectations of multiple 2024 Fed rate cuts. The US economic indicators impacted buyer demand for BTC and the BTC-spot ETF market.

Farside Investors released daily spot ETF flow data for Friday (April 26). Highlights from the Friday data included,

• Grayscale Bitcoin Trust (GBTC) had net outflows of $82.4 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows for the second consecutive session.
• iShares Bitcoin Trust (IBIT) had zero net flows for the third successive session.
• ARK 21Shares Bitcoin ETF was the only ETF to register net inflows.
• The BTC-spot ETF market saw total net outflows of $83.6 million, marking three consecutive sessions with total net outflows.
• For the week ending April 26, the BTC-spot ETF market saw total net outflows of $328.0 million. Significantly, the spot ETF market saw total net outflows for the second week.

The flow trends aligned with investor sentiment toward the Fed interest rate trajectory.

US Economic Indicators, the Fed Interest Rate Trajectory, and Demand

Hotter-than-expected US inflation and retail sales figures impacted investor bets on a September Fed rate cut in recent weeks.

According to the CME FedWatch Tool, the chances of the Fed holding interest rates steady at 5.50% in September stood at 42.6% on Friday (April 26). The chances of the Fed standing pat in September stood at 4.2% one month earlier (March 27).

Bloomberg Intelligence ETF Analyst James Seyffart summed up the Friday session, saying,

“Rough day across the board for the Cointucky derby and the Bitcoin ETFs yesterday. 5 ETFs saw outflows for a total of -$217 million. Franklin was only ETF with an inflow at $1.9 million.”

It could be a pivotal coming week for the BTC-spot ETF market and BTC. The Fed interest rate decision/press conference, the US ISM Services PMI, and the US Jobs Report could impact buyer demand for BTC-spot ETFs.

Weaker demand could further offset the effects of the Bitcoin Halving that has continued to deliver price support at current levels.

ETH, Consensys vs. SEC, and the ETF-Spot ETF Market

ETH bucked the broader market trend on Saturday (April 27), rallying 3.96% to end the session at $3,255.

News of Consenys filing a lawsuit against the SEC fueled buyer demand for ETH. Consensys cited two reasons for filing the lawsuit,

• The SEC should not be allowed to arbitrarily expand its jurisdiction to include regulating the future of the internet by wrongly labeling ETH a security.

• The SEC’s reckless approach is bringing chaos to developers, market participants, institutions, and nations, who are building or already managing critical systems running on Ethereum.

A victory against the SEC could pave the way for an ETH-spot ETF market.

Technical Analysis

Bitcoin Analysis

BTC hovered below the 50-day EMA while remaining above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.

A BTC break above the 50-day EMA could give the bulls a run at the $69,000 resistance level. A return to the $69,000 handle would support a move toward the all-time high of $73,808.

On Sunday, investor sentiment toward the Fed rate path and likely impact on buyer demand for US BTC-spot ETFs need consideration.

Conversely, a BTC break below the $64,000 resistance level would give the bears a run at the $60,365 support level.

With a 14-Daily RSI reading of 45.39, BTC may drop below the $60,365 support level before entering oversold territory.

Ethereum Analysis

ETH hovered above the 50-day 200-day EMAs. The EMAs sent price signals.

An ETH return to the $3,400 handle would support a move to the $3,480 resistance level. A break above the $3,480 resistance level could give the bulls a run at the $3,835 resistance level.

Conversely, an ETH fall below the 50-day EMA and the $3,244 support level would bring the $3,033 into play.

The 14-period Daily RSI reading of 52.75 indicates an ETH break above the $3,480 resistance level before entering overbought territory.