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BTCUSD trades above $65000 on strong institutional demand. It hit an intraday high of $65644 and is currently trading around $65426.
Last week saw US-listed spot Bitcoin ETFs receive a little $75.67 million net inflow, therefore breaking their streak of outflows and two weeks of positive flows. BlackRock's IBIT led the inflows with around $204 million; Fidelity's FBTC saw the biggest outflows—some $181 million. The information, which spans the week of July 13–17, shows $197.4 million in inflows from the prior week, therefore suggesting cautious institutional demand stabilization. Though the volumes are still rather small and do not indicate a significant trend change, buyers intervened on weakness despite past redemptions related to US-Iran tensions.
|
Technicals |
CMP -$65426 |
Trend |
|
|
4- Hour chart |
Value |
|
|
|
55 EMA |
$64088 |
CMP>55 EMA |
Bullish |
|
200- EMA |
$63888 |
CMP >200- EMA |
Bullish |
|
365- EMA |
$65652 |
CMP<365 EMA |
Bearish |
|
800-EMA |
$70153 |
CMP>Vaue |
Bearish |
Major support- $57700/$52796. The pair is facing strong resistance around $65652 (365- 4H EMA). Any close above confirms a further bullish trend and a jump to $67700/$70000/$72200/474950.
|
Momentum indicator (1-hour chart) |
Inference |
Value |
|
CCI(50) |
Bullish |
111.62 |
|
ADX |
Bullish |
Strength increased from 21.70 to 22.33 |
It is good to buy on dips around $64000 with an SL around $61480 for a TP of $74900.
