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Bitcoin (BTC) News Today: MicroStrategy Chairman Remains Bullish Despite Pullback
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Key Points:
- Bitcoin (BTC) gained 0.14% on Saturday, June 22, ending the session at $64,253.
- BTC ended a five-day losing streak as investors brace for another pivotal week ahead amidst fluctuating bets on a September Fed rate cut.
- On Sunday, US BTC-spot ETF market-related news, SEC activity, and the US economic calendar will require investor attention.
In this article:
Buyer Demand Subdued as US BTC-Spot ETF Market Outflows Continue
On Saturday, June 22, bitcoin (BTC) gained 0.14%. Partially reversing a 1.08% loss from Friday, June 21, BTC ended the session at $64,253. Significantly, BTC ended its longest losing streak since October 2023.
On Friday, the US BTC-spot ETF market extended its net outflow streak to six sessions. Moreover, the US BTC-spot ETF market reported net outflows in eight of the nine last trading sessions.
The US BTC-spot ETF market saw total net outflows of $105.9 million on Friday and weekly outflows of $544.1 million in the week ending June 21.
Nevertheless, the less marked outflows on Friday, compared with Thursday ($139.9 million), provided some market relief.
Investor uncertainty about a September Fed rate cut continued to affect buyer demand for US BTC-spot ETFs and BTC.
Can the US economic calendar rekindle buyer demand for BTC-spot ETFs and BTC?
Next week, US consumer confidence numbers and the US Personal Income and Outlays Report may materially influence US BTC-spot ETF market flow trends and BTC price trends.
A pullback in consumer confidence and softer-than-expected inflation numbers could drive investor expectations of multiple 2024 Fed rate cuts. Increased speculation about multiple 2024 Fed rate cuts could drive buyer demand for US BTC-spot ETFs and BTC.
Despite the latest BTC pullback below $65,000, MicroStrategy (MSTR) founder and chairman Michael Saylor remained bullish about BTC.
Chairman Saylor shared a table of asset class total returns since 2011, highlighting Bitcoin’s dominance.
According to the 2011 to 2024 table, BTC had an annualized return of 148.9%. In contrast, the US Nasdaq 100 had an annualized return of 18.6%, a distant second to BTC.
Michael Saylor summed it up, saying,
“Nothing beats Bitcoin.”
Technical Analysis
Bitcoin Analysis
BTC sat below the 50-day EMA but remained above the 200-day EMA, confirming the bearish near-term signals but bullish longer-term trends.
A BTC break above the 50-day EMA could signal a move to the $69,000 resistance level. A breakout from the $69,000 resistance level could bring the $73,808 all-time high into view.
On Sunday, investors should monitor US BTC-spot ETF market-related news and speculation about a Fed rate cut.
On the other hand, a BTC break below the $64,000 support level could signal a fall toward the $60,365 support level.
With a 37.40 14-Daily RSI reading, BTC could fall through the $63,000 level before entering oversold territory.
Ethereum Analysis
ETH remained below the 50-day EMA while sitting above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.
A break above the 50-day EMA could support a move to the $3,600 handle. An ETH break above the $3,600 handle could bring the $3,835 resistance level into play.
US ETH-spot ETF-related chatter needs consideration.
Conversely, an ETH fall through the $3,480 support level could give the bears a run at the $3,244 support level.
The 14-period Daily RSI reading, 46.34, suggests an ETH fall to the $3,244 support level before entering oversold territory.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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