Bitcoin (BTC) News Today: Tracking BTC Amid Fluctuating ETF Inflows and SEC Actions

BTC Impacted by SEC Wells Notice to Robinhood

Bitcoin (BTC) declined by 1.26% on Monday (May 6). Reversing a 0.11% gain from Sunday (May 5), BTC ended the session at $63,191.

News of the SEC issuing Robinhood (HOOD) a Wells Notice impacted buyer demand for BTC and the broader crypto market.

CEO and co-founder Vlad Tenev had this to say about the Wells Notice,

“Over the last three years, we’ve reached a state of regulatory onslaught that is harmful to American companies and consumers. The SEC’s continued attack on crypto, coupled with recent rule proposals like the one related to predictive data analytics, mark yet another improper attempt by the administrative state to stifle innovation.”

The news coincided with the SEC filing its remedies reply brief in the ongoing SEC vs. Ripple case.

However, the US BTC-spot ETF market brushed aside the news with a second successive session of net inflows.

According to Farside Investors,

• Grayscale Bitcoin Trust (GBTC) saw net inflows of $3.9 million. Significantly, GBTC saw net inflows for the second successive session and the second time since January 11.
• Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $99.2 million, down from $102.6 million on Friday (May 3).
• ARK 21Shares Bitcoin ETF saw net inflows of $75.6 million, up from $28.1 million on Friday (May 3).
• Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market recorded total net inflows of $195.5 million. On Friday (May 3), the US BTC-spot ETF market saw total net inflows of $378.3 million.

Rising bets on a September Fed interest rate cut drove buyer demand for BTC-spot ETFs. According to the CME FedWatch Tool, the chances of the Fed leaving interest rates unchanged fell from 42.5% to 35.2% between April 29 and May 6.

BTC was up 1.07% to $63,865 on Tuesday (May 7) morning.

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day EMA while holding above the 200-day EMA, sending bearish near-term but bullish longer-term price signals.

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

On Tuesday (May 6), SEC activity, Fed speakers, and BTC-spot ETF market flow trends need consideration.

Conversely, a BTC drop below the $62,500 level could signal a fall to the $60,365 support level.

With a 49.63 14-Daily RSI reading, BTC could drop below the $60,000 handle before entering oversold territory.

Ethereum Analysis

ETH 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.

An ETH move through the 50-day EMA could give the bulls a run at the $3,244 resistance level. A break above the $3,244 resistance level would support a move toward the $3,480 resistance level.

Conversely, an ETH break below the $3,033 support level could signal a drop toward the 200-day EMA.

The 14-period Daily RSI reading of 45.71 suggests an ETH fall to the 200-day EMA before entering oversold territory.