Bitcoin (BTC) News Today: BTC Moves in the Wake of FOMC Chatter and Spot ETF Activity

US BTC-Spot ETF Market Flow Trends and the US Labor Market

Bitcoin (BTC) rallied 3.19% on Thursday (May 9). Reversing a 1.96% loss from Wednesday (May 8), BTC ended the session at $63,099.

US BTC-spot ETF market flow data for Wednesday (May 8) set the tone for the Thursday session. According to Farside Investors, the spot ETF market saw total net inflows of $11.5 million after total net outflows of $15.7 million on Tuesday (May 7).

However, only one issuer recorded net inflows. Bitwise Bitcoin ETF (BITB) saw net inflows of $11.5 million on Wednesday. Ten issuers reported zero net flows.

There was no US economic data for investors to consider. However, hawkish Fed commentary influenced market sentiment going into the Thursday session.

Nevertheless, US labor market data drove buyer demand for riskier assets on Thursday. US initial jobless claims increased from 209k to 231k in the week ending May 4. The jobless claims numbers aligned with the recent US Jobs Report, raising expectations of a September Fed rate cut.

While the numbers influenced sentiment toward the Fed rate path, FOMC member chatter impacted the BTC-spot ETF market.

FOMC member Mary Daly talked about leaving interest rates higher for longer on Thursday.

According to preliminary May 9 numbers from Farside investors,

• Grayscale Bitcoin Trust (GBTC) saw net outflows of $43.4 million on Thursday (May 9).
• Bitwise Bitcoin ETF (BITB) reported net inflows of $6.8 million, down from $11.5 million on Wednesday.
• ARK 21Shares Bitcoin ETF (ARKB) sat third in the table, with net inflows of $4.4 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $2.7 million.
• Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total net outflows of $25.5 million.

US BTC-spot ETF market flow data for Thursday (May 9) set the tone for the Friday (May 10) session. BTC was down 0.55% to $62,749 early in the Friday session.

Later in the Friday session, US economic indicators and FOMC member speeches could influence near-term BTC price trends.

Michigan Consumer Sentiment figures could fuel bets on a September Fed rate cut. Economists forecast the Index to fall from 77.2 to 76.0 in May. Weaker-than-forecast figures could raise investor expectations of a September Fed rate cut. However, investors should also consider FOMC member speeches. Hawkish views on the Fed rate path could impact buyer demand for BTC.

Beyond the US economic calendar, US lawmaker chatter and SEC activity also warrant investor attention.

Technical Analysis

Bitcoin Analysis

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

A BTC breakout from the 50-day EMA and the $64,000 resistance level could give the bulls a run at the $69,000 resistance level. A break above the $69,000 resistance level would support a move toward the $73,808 all-time high.

On Friday (May 9), US consumer sentiment, FOMC member speakers, SEC activity, and BTC-spot ETF market flow data need consideration.

Conversely, a BTC break below the $60,365 support level could give the bears a look at sub-$58,000 levels.

With a 47.47 14-Daily RSI reading, BTC could fall below the $58,000 handle before entering oversold territory.

Ethereum Analysis

ETH remained below the 50-day EMA while holding above the 200-day EMA. The EMAs confirmed the bearish near-term but bullish longer-term price trends.

An ETH breakout from the $3,033 resistance level could support a move to the 50-day EMA and the $3,244 resistance level.

Conversely, an ETH drop below the $2,800 handle could give the bears a run at the 200-day EMA.

The 14-period Daily RSI reading of 43.82 indicates an ETH drop to the 200-day EMA before entering oversold territory.