Key Points
- The total net inflow recorded by the US Bitcoin ETFs was almost $66 million on May 13.
- Bitcoin is now trading near $62k.
The latest data coming from SoSoValue reveals that the total net inflow seen by the US Bitcoin ETFs was almost $66 million yesterday, May 13.
Grayscale's Bitcoin ETF, GBTC, recorded no inflows or outflows the other day. The daily net inflow of Fidelity's Bitcoin ETF, FBTC was $39 million, and the single-day net inflow of Bitwise's Bitcoin ETF, BIBT was a bit over $20 million.
At the moment of writing this article, BTC is trading close to $62k, bouncing back up by 1% on CoinMarketCap, following a drop in price near $61,500.
Bitcoin post-halving "danger zone", officially over
The other day, on May 13, popular crypto analyst Rekt Capital suggested via a post on his X account, that Bitcoin's post-halving "danger zone" is officially over.
Yesterday, Bitcoin was able to bounce back over the important level of $62k, and the trader noted that the coin is celebrating leaving the "danger zone" with a bounce from the Re-Accumulation Range Low Support.
https://twitter.com/rektcapital/status/1789939547700097500
This “danger zone” refers to the period following the halving event when the asset typically corrects.
The analyst also noted that if $65k was not the bottom for Bitcoin, this current pullback would have officially equaled the longest retrace in the cycle at 63 days. According to him, history suggests that the current pullback ended at $56k and 47 days.
https://twitter.com/rektcapital/status/1789937629397426570
The analyst also showed his optimism, saying that BTC is showing early-stage signs of slowing down in its sell-side momentum, slowly developing a curl against the $60k support. This mark needs to continue to hold as it has been holding thus far for this curl to progress and eventually lift up, he noted in another post on X.
https://twitter.com/rektcapital/status/1789936849282117659
Bitcoin bounced near the $62 important mark again as traders are waiting for the release of inflation data in the United States.
This information could play a crucial role in determining if and when the Federal Reserve will decide to reduce borrowing costs in 2024.
This week, the market will get a chance for more clarity with US inflation readings in the form of the Producer Price Index (PPI) on Tuesday followed by the Consumer Price Index (CPI) on Wednesday.
