Market Analysis by MarketPulse (Zain Vawda) covering: BTC/USD, Bitcoin. Read MarketPulse (Zain Vawda)'s Market Analysis on Investing.com
prices have recovered last week’s losses as ETF flows snap an 8 day streak of outflows. On September 10, there was a substantial increase in inflows, reaching $116.96 million, which is more than four times the $37.29 million recorded the day before. Bitcoin tapped a high of 58000 yesterday before a pullback today pushed prices toward the psychological 55000 level.
According to the note released by BlackRock Investment Institute, including Jean Boivin, several elements are contributing to market volatility: renewed recession concerns due to weaker economic data, anxiety surrounding the upcoming U.S. elections, and investors selling off to accommodate new stock offerings.
According to Chainalysis, the spot Bitcoin ETF increased crypto transactions globally to unprecedented levels. The launch of the Bitcoin ETF in the US triggered an increase in the total value of Bitcoin activity across all regions and thus meant a significant milestone reached during the 2021 bull run has been surpassed.The US Presidential debate took place yesterday and delivered very little.
The daily candle close today will be crucial and could provide some insight into what to expect tomorrow. A bullish close will see the daily candle close as a hammer candlestick which hints at further upside tomorrow. A bearish close would be a hanging man, which in theory points to some form of pullback.
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