Bitcoin (BTC) News Today: US Economic Data and BTC-Spot ETF Trends in Focus

BTC Drops below $60,000

On Sunday, August 11, BTC slid by 3.72%, closing at $58,776 after a 0.19% gain on Saturday, August 10. The total crypto market cap declined by 3.53%, falling to a total market cap of $2.014 trillion.

Demand Jitters Impact BTC Price Trends

The US BTC-spot ETF market saw total net outflows of $219.7 million in the week ending August 9. On Friday, August 9, the ETF market had net outflows of $89.7 million despite easing fears of a US hard landing.

The second consecutive week of total outflows raised concerns about BTC demand, pushing BTC below $60,000.

US Economic Calendar Impact

On Monday, August 12, the US economic calendar could influence BTC price trends ahead of crucial data releases later in the week. US consumer inflation expectations could influence sentiment toward the US economy and the Fed rate path.

Economists predict consumer inflation expectations for July to remain unchanged at 3.0%. An unexpected fall could support a move dovish Fed rate path, supporting buyer appetite for riskier assets.

However, consumers could delay buying goods if they think inflation will soften significantly. A sharp decline in private consumption could impact the US economy and market risk sentiment. Private consumption contributes over 60% to GDP.

BTC Oversupply Risk

Oversupply risk remains a threat to BTC price trends. Mt. Gox has 46,164 BTC ($2.71 billion) remaining to repay its creditor repayment. A flood of BTC sell-orders from creditors could adversely affect BTC demand.

Additionally, the US government holds 203,239 BTC ($11.89 billion), another possible risk to BTC price stability.

However, MicroStrategy’s (MSTR) plans to raise $2 billion could mitigate the oversupply risk from Mt. Gox’s remaining repayments to creditors, exposing BTC to possible US government holdings sales. MicroStrategy could use the $2 billion to purchase BTC.

Investors should remain alert after the recent BTC-spot ETF outflows and possible shifts to supply-demand trends. Stay updated with our latest news and analysis to manage exposures to BTC and the broader crypto market.

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day and 200-day EMAs, sending bearish price signals.

A BTC break above the 200-day EMA would support a move to the $60,365 resistance level. A breakout from the $60,365 resistance level could bring the 50-day EMA into play.

US inflation data, FOMC member commentary, and US BTC-spot ETF market flow trends need consideration on Monday.

On the other hand, a fall through $55,000 could signal a drop toward the $52,884 support level.

With a 42.76 14-Daily RSI reading, BTC could drop to the $55,000 handle before entering oversold territory.

Ethereum Analysis

ETH hovered well below the 50-day and 200-day EMAs, confirming the bearish price trends. Significantly, the 50-day EMA crossed through the 200-day EMA, also a bearish price signal.

An ETH breakout from the $2,664 resistance level could signal a move to $2,800. A return to $2,800 could bring the $3,033 resistance level into play.

US ETH-spot ETF market flow trends also require consideration.

Conversely, an ETH break below $2,500 could give the bears a run at the $2,403 support level.

The 14-period Daily RSI reading, 34.69, indicates an ETH fall to the $2,403 support level before entering oversold territory.