Bitcoin Builds Base in Sideways Trade as Spot ETF Inflows Have Limited Impact
JH Kim
Summary
- Bitcoin (BTC) has entered a phase of building a base while extending a dull sideways trading range.
- U.S. spot Bitcoin ETFs recorded $211 million in net inflows, but Bitcoin's price showed no clear reaction.
- The market sees this as a period of sharply compressed volatility ahead of the next directional move, with a break above $65,000 in the near term serving as the benchmark for the recovery scenario.
Forecast Trend Report by Period
Crypto news outlet The Block reported on August 5 that Bitcoin (BTC) is extending a dull sideways trading range and appears to be entering a base-building phase.
U.S. spot Bitcoin exchange-traded funds recorded net inflows of $211 million on August 4, but Bitcoin's price showed no clear reaction.
The market is interpreting that less as a sign of an impending drop and more as a period of sharply compressed volatility before the next directional move.
Wintermute analyst Jasper De Maere said Bitcoin must break decisively above $65,000 in the near term for the current recovery scenario to remain intact.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.