New BTC Supply Purchased by ETF 3X, Bitcoin Resistance Still Occurs

Bittime - New BTC supply purchased ETF 3X, Bitcoin resistance still occurs. This ETF action certainly has an indirect impact on the crypto market.

Bitcoin is currently in a period of final resistance due to shocks to the supply of foreign exchange reserves which are at their lowest point in the last seven years.

Bitcoin Resistance Under Pressure

Bitcoin experienced a resurgence this week, reapproaching the $67,000 level during the Asian session after suffering an earlier decline at the weekly close, as reported by data from Cointelegraph Markets Pro and TradingView.

Also Read: Iranian President Dies, Impact on Crypto Market

Despite a brief series of declines triggered by geopolitical uncertainty from Iran, the market quickly put that behind them as BTC/USD managed to maintain a 10% gain throughout the month of May.

The latest data from CoinGlass shows that most of the resistance it faces is just below the $68,000 level.

Additionally, additional data shared with X by IT Tech, a contributor to on-chain analytics platform CryptoQuant, indicated a level of liquidation around the spot price.

In commenting on BTC's latest price movements, market players showed a positive attitude. "This is an amazing weekly close for BTC. This is the first bullish weekly since October 2023," said popular Crypto trader Damus, referring to last week's candle that managed to erase previous losses and close at $66,210.

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MNTrading CEO comments

Michaël van de Poppe, founder and CEO of MNTrading, confirmed his view on the steady move towards new highs for Bitcoin.

"Bitcoin will likely continue to stay in this range. I don't expect major fluctuations," he told X subscribers at the weekend.

Van de Poppe also added that he expects altcoins to “show better performance” when this situation occurs, considering that altcoins have suffered more severely during Bitcoin's consolidation phase.

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"Slowly increasing, but surely heading towards vertical acceleration in the third or fourth quarter," said the prediction in his post.

However, as reported by Cointelegraph, this view is not shared by all parties. Over the weekend, trader and commentator Credible Crypto expressed his belief that $60,000 or even lower would be the next price for BTC/USD.

New BTC Supply Bought 3X ETF, A New Confidence

Tedtalksmacro mentioned the potential that the US spot Bitcoin Exchange-Traded Fund (ETF) has to experience a strong comeback.

Also Read: Post-MiCA Stablecoins Continue to Seek Relevance, While USDT is Safe

After a rough few weeks since Bitcoin hit an all-time high in March, interest in spot ETF products is once again on the rise. 

Last week, fund inflows nearly topped $1 billion - the best weekly achievement since March.

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Tedtalksmacro concluded, "We can expect this interest to continue to increase as prices rise and traditional parties return to confidence in these assets."

The demand for ETFs is in a new context. Bitcoin block subsidies are currently only half of what they were in March, and significant fund inflows have ETF providers buying more BTC than is added to the supply by miners each day.

Thomas Fahrer, CEO of crypto review portal Apollo, revealed last week, “The supply of new BTC purchased by ETFs is 3X, about 21,700 BTC or $1.5 Billion worth, this is three times the supply of new Bitcoin mined by miners.”

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.