Bitcoin
(BTC)
has
encountered
resistance
near
the
$58,375
weekly
level
during
the
past
few
days,
trying
to
break
and
hovering
just
above
it
at
$58,865
at
the
time
of
writing
on
Wednesday.
Concurrently,
on-chain
data
reveals
quiet
BTC
accumulation,
alongside
a
notable
outflow
of
35,486
BTC
from
exchanges
on
June
5
and
6,
marking
BitMEX’s
second-largest
outflow
in
history.
In
addition,
Bitcoin
spot
ETFs
received
$216.4
million
in
inflows
on
Tuesday,
marking
the
second
consecutive
day
of
positive
netflows
this
week.
Technical
analysis
also
indicates
a
bullish
divergence
on
a
momentum
indicator,
suggesting
a
potential
rally
ahead.
Bitcoin
Exchange
Netflow
(Total)
–
BitMex
chart
Bitcoin
Spot
ETF
Net
Inflow
chart
Bitcoin
Accumulation
chart
Bitcoin
Long/Short
Ratio
chart
Bitcoin
price
has
faced
resistance
near
the
weekly
level
of
$58,375
over
the
last
four
days.
BTC/USDT
is
testing
that
level
and
hovers
just
above
$58,865,
marking
a
1.3%
increase
on
Wednesday.
Additionally,
the
formation
of
a
lower
low
in
the
daily
chart
on
July
5
contrasts
with
the
Relative
Strength
Index’s
(RSI)
higher
high
during
the
same
period.
This
development
is
termed
a
bullish
divergence
and
often
leads
to
the
reversal
of
the
trend
or
a
short-term
rally.
If
BTC’s
daily
candlestick
closes
above
the
$58,375
weekly
resistance
level,
it
could
rise
9%
to
revisit
the
daily
resistance
at
$63,956.
BTC/USDT
daily
chart
On
the
other
hand,
if
BTC
closes
below
the
$52,266
daily
support
level
and
forms
a
lower
low
in
the
daily
time
frame,
it
could
indicate
that
bearish
sentiment
persists.
Such
a
development
may
trigger
a
4%
decline
in
Bitcoin’s
price
to
revisit
its
daily
low
of
$50,521
from
February
23.
Bitcoin
is
the
largest
cryptocurrency
by
market
capitalization,
a
virtual
currency
designed
to
serve
as
money.
This
form
of
payment
cannot
be
controlled
by
any
one
person,
group,
or
entity,
which
eliminates
the
need
for
third-party
participation
during
financial
transactions.
Altcoins
are
any
cryptocurrency
apart
from
Bitcoin,
but
some
also
regard
Ethereum
as
a
non-altcoin
because
it
is
from
these
two
cryptocurrencies
that
forking
happens.
If
this
is
true,
then
Litecoin
is
the
first
altcoin,
forked
from
the
Bitcoin
protocol
and,
therefore,
an
“improved”
version
of
it.
Stablecoins
are
cryptocurrencies
designed
to
have
a
stable
price,
with
their
value
backed
by
a
reserve
of
the
asset
it
represents.
To
achieve
this,
the
value
of
any
one
stablecoin
is
pegged
to
a
commodity
or
financial
instrument,
such
as
the
US
Dollar
(USD),
with
its
supply
regulated
by
an
algorithm
or
demand.
The
main
goal
of
stablecoins
is
to
provide
an
on/off-ramp
for
investors
willing
to
trade
and
invest
in
cryptocurrencies.
Stablecoins
also
allow
investors
to
store
value
since
cryptocurrencies,
in
general,
are
subject
to
volatility.
Bitcoin
dominance
is
the
ratio
of
Bitcoin’s
market
capitalization
to
the
total
market
capitalization
of
all
cryptocurrencies
combined.
It
provides
a
clear
picture
of
Bitcoin’s
interest
among
investors.
A
high
BTC
dominance
typically
happens
before
and
during
a
bull
run,
in
which
investors
resort
to
investing
in
relatively
stable
and
high
market
capitalization
cryptocurrency
like
Bitcoin.
A
drop
in
BTC
dominance
usually
means
that
investors
are
moving
their
capital
and/or
profits
to
altcoins
in
a
quest
for
higher
returns,
which
usually
triggers
an
explosion
of
altcoin
rallies.
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