May 22, 2024

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Bitcoin Drops Below $62.5K as CoinDesk's BTC Trend Indicator Turns Neutral

Bitcoin Drops Below $62.5K as CoinDesk's BTC Trend Indicator Turns Neutral

Bitcoin (btc) It fell nearly 4%, trading below $62,500 in the early hours of the Asian business day, while Ethereum… (ether) It is trading above $3000.

The CoinDesk 20, a measure of the world's largest and most liquid digital assets, is trading at 2,139, down 4%.

CoinDesk Indicators' Bitcoin Trend Indicator (BTI) has flipped to neutral from an uptrend, indicating weak upward momentum. BTI is a daily signal that conveys the direction and strength of Bitcoin price trends through an algorithm designed for this purpose.

Bitcoin BTI has been in an uptrend or significant uptrend zone since October 2023, when there were initial reports that major fund managers were in the final stage of discussions with the Securities and Exchange Commission (SEC) about launching a spot bitcoin exchange-traded token. Exchange Traded Funds (ETF).

The Ether trend indicator also turned neutral.

Show market data That on April 15, there were no outflows from any of the other Bitcoin ETFs, except GBTC.

Last week's total inflow was negative $82.5 million, most of which came from GBTC outflow.

“Despite the downturn, trading volumes have remained strong, with BTC Spot ETFs recording weekly trading volume of around $16.2 billion, averaging $3.2 billion per day,” Matteo Greco, a research analyst at Fineqia, said in a note shared with CoinDesk. . “Cumulative trading volume since inception is approximately US$212 billion, with an average daily trading volume of approximately US$3.3 billion.”

“Despite record performances in stock and cryptocurrency markets which may have helped temporarily ease downward pressure on prices, prices of used goods… [for watches] “We continued to contract sequentially in the first quarter,” the report stated. We believe it is too early to conclude that the secondary watch market is heading towards an imminent recovery.”

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The report cites high inventory levels as a reason for continued low market prices.