Breaking News! BlackRock's $114 million contrarian buy at $BTC , while Grayscale wildly sold $81.81 million, is a bull-bear battle about to erupt?
BTC is currently in a phase of consolidation and adjustment, hovering around the price of 113033. The MACD indicator shows a downward trend, the KDJ indicator is weak, and the decrease in trading volume indicates a lower level of market participation. Key support is present around 111850, with buying interest, while a resistance level of 124545 needs to break out with volume to confirm the continuation of the trend.
News indicates that the probability of a Federal Reserve rate cut in September has dropped from 91% to 75%, yet institutional funds continue to flow in via ETFs, with BlackRock's IBIT seeing a net inflow of $114 million in a single day, while Grayscale's GBTC saw a net outflow of $81.817 million, reflecting the complex sentiment in the market.
On-chain data shows miner reserves have dropped to a 14-year low, but the total value remains close to historical highs, indicating a shift in miner strategy towards short-term gains, while the ETF holding approximately 1.1 million BTC could become an important source of market supply.
Overall, BTC may continue to consolidate in the short term, but the sustained inflow of institutional funds and ETFs supports long-term upward trends. We need to be cautious of short-term volatility caused by changes in Federal Reserve policy and pay attention to the defense situation at the support level of 111850.
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