Bitcoin (BTC) News Today: How US BTC-Spot ETF Inflows Cushion the Downside

US BTC-Spot ETF Market Inflows Limit the Downside

On Saturday (June 8), bitcoin (BTC) slipped by 0.06%. Following a 1.97% loss on Friday (June 7), BTC ended the session at $69,389. Significantly, BTC extended its losing streak to three sessions.

Investor jitters about the upcoming FOMC interest rate decision, economic projections, and press conference impacted buyer demand for BTC.

US labor market data for May sent mixed signals on Friday. Wage growth accelerated, signaling higher disposable income. Upward trends in disposable income could fuel consumer spending and demand-driven inflation. Nonfarm payrolls jumped by 272k. Economists expected nonfarm payrolls to advance by 185k.

Nevertheless, the US unemployment rate rose from 3.9% to 4.0% despite the jump in nonfarm payrolls and a participation rate drop from 62.7% to 62.5%.

However, US BTC-spot ETF market flow trends suggested that investors gave the unemployment rate more weight.

According to Farside Investors, the US BTC-spot ETF market had total net inflows of $131.0 million on Friday (June 7).

Uncertainty about the FOMC interest rate decision, economic projections, and the press conference could continue to test buyer demand for BTC. On Wednesday (June 12), the FOMC will announce the interest rate decision and release its economic projections. More hawkish projections could further impact buyer demand for riskier assets.

Before the interest rate decision, the US CPI Report will also need consideration. Hotter-than-expected inflation numbers could sink investor expectations of a September Fed rate cut.

However, ethereum (ETH) bucked the broader market trend, gaining 0.11% to end the session at $3,682. Lingering investor hope of the SEC approving the S-1 forms to enable the launch of ETH-spot ETFs supported buyer appetite for ETH.

Technical Analysis

Bitcoin Analysis

BTC hovered above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC break above $70,000 could give the bulls a run at the Friday (June 7) high of $71,992. A return to $71,992 would support a move toward the $73,808 all-time high.

US BTC-spot ETF market-related chatter, SEC activity, and investor bets on a September Fed rate cut need consideration.

Conversely, a BTC drop below the $69,000 support level could signal a fall to the 50-day EMA.

With a 55.61 14-Daily RSI reading, BTC may climb to the all-time high of $73,808 before entering overbought territory.

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH breakout from $3,750 would support a move to the $3,835 resistance level. A break above the $3,835 resistance level could give the bulls a run at the $4,000 handle.

Investors should consider US ETH-spot ETF-related updates.

Conversely, an ETH fall through the $3,600 handle could give the bears a run at the 50-day EMA and the $3,480 support level. Buying pressure may intensify at the $3,480 support level. The 50-day EMA is confluent with the support level.

The 14-period Daily RSI reading, 53.49, indicates an ETH return to $4,000 before entering overbought territory.