Analysis: Bitcoin's Dip Buying Absorbs Some Selling Pressure, But Downward Trend Remains Unchanged

05/31 12:10

On May 31, selling pressure on Bitcoin spot ETFs continued to intensify. Following a net outflow of $1.26 billion last week, this week saw an additional net outflow of $1.42 billion from spot Bitcoin ETFs, pushing BTC to a low of $72,500. However, on-chain and market data indicate that some funds have begun to buy on dips around the $70,000 mark. The buying in the spot market is absorbing some of the selling pressure, providing support for Bitcoin's price, but the scale of buying remains insufficient to reverse the current downward trend. Meanwhile, data from the derivatives market shows that traders have added approximately $300 million in leveraged long positions in the $73,000 to $74,000 range, suggesting that some investors are betting on a price rebound. Additionally, the order book's buy-sell ratio has turned positive, indicating that the market sees some attractiveness in BTC below $75,000. To drive Bitcoin back into an upward trend, the market still needs new catalysts, including progress on the US-Iran peace agreement, a return to net inflows for spot Bitcoin ETFs, a decline in oil prices, and favorable news regarding the US strategic Bitcoin reserves.
bullishbullishbullishБычийbearishbearishbearishМедвежийЛайкПоделиться
Заявление об освобождении от ответственностиМатериалы выше не представляют собой позицию HTX.HTX не дает никаких торговых рекомендаций.

Статьи по теме

  • Image

    Bitcoin’s On-Chain Landscape Looks Far Different From Its 2021 Bull Market Peak

  • Image

    Polymarket Users Cry Foul After $85 Million Bet On MicroStrategy’s Bitcoin Sale Goes Wrong

  • Image

    4 Years After Terra’s Collapse, Hodlnaut’s Former CEO Faces Fraud Charges In Singapore Court

Все комментарии0НовыеВ тренде

avatar
НовыеВ тренде

Статьи по теме

  • Image

    Bitcoin’s On-Chain Landscape Looks Far Different From Its 2021 Bull Market Peak

  • Image

    Polymarket Users Cry Foul After $85 Million Bet On MicroStrategy’s Bitcoin Sale Goes Wrong

  • Image

    4 Years After Terra’s Collapse, Hodlnaut’s Former CEO Faces Fraud Charges In Singapore Court