Something feels different about the market today.
The $4B outflow from US spot $BTC ETFs in June is def a big deal. Plus, Bitcoin is still down 6.8% on the week, trading around $60020.01 right now.
The AI capital cycle is pulling money away from crypto, which is a major headwind for us.
So, here's my read for today.
IF $BTC fails to reclaim $60k convincingly and we see continued pressure from ETF outflows, then I'd expect further downside.
In that scenario, I’d be staying defensive. Maybe look for short opportunities on weak bounces, or just accumulate more stablecoins. Keep an eye on the $58900.01 low from today, a break below that would confirm bearish momentum.
However, IF $BTC manages to find solid support around that $58900.01 area and we get a significant slowdown in those ETF outflows, we could see a relief bounce.
If that happens, I’d be looking for long entries on some of the stronger alts that are showing resilience, like $SOL or $AVAX , which are actually up today.
Right now, the bearish scenario seems more likely given the current market structure and macro environment. Too much money is flowing out.
Stay safe out there, fam.
#CryptoOutlook #Bitcoin #MarketAnalysis #Bearish #Trading
The $4B outflow from US spot $BTC ETFs in June is def a big deal. Plus, Bitcoin is still down 6.8% on the week, trading around $60020.01 right now.
The AI capital cycle is pulling money away from crypto, which is a major headwind for us.
So, here's my read for today.
IF $BTC fails to reclaim $60k convincingly and we see continued pressure from ETF outflows, then I'd expect further downside.
In that scenario, I’d be staying defensive. Maybe look for short opportunities on weak bounces, or just accumulate more stablecoins. Keep an eye on the $58900.01 low from today, a break below that would confirm bearish momentum.
However, IF $BTC manages to find solid support around that $58900.01 area and we get a significant slowdown in those ETF outflows, we could see a relief bounce.
If that happens, I’d be looking for long entries on some of the stronger alts that are showing resilience, like $SOL or $AVAX , which are actually up today.
Right now, the bearish scenario seems more likely given the current market structure and macro environment. Too much money is flowing out.
Stay safe out there, fam.
#CryptoOutlook #Bitcoin #MarketAnalysis #Bearish #Trading