- Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $83.1 million.
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $62.3 million.
- Bitwise Bitcoin ETF had net outflows of $7.0 million.
- Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market had total net outflows of $152.4 million.
Significantly, the US BTC-spot ETF market faced its longest net outflow streak since a seven-day net outflow streak ended on May 3.
Notably, the seven-day net outflow streak sent BTC to a May 1 low of $56,552.
Recent trends highlight the influence of US economic data and Fed speeches on the US BTC-spot ETF market and BTC price trends.
Technical Analysis
Bitcoin Analysis
BTC remained below the 50-day EMA but above the 200-day EMA, signaling bearish near-term trends but bullish longer-term prospects.
If BTC moves through the 50-day EMA, it could test the $69,000 resistance level. A break above the $69,000 resistance level could give the bulls a run at the $73,808 all-time high.
FOMC member chatter and US BTC-spot ETF flow data require investor attention.
On the other hand, if BTC breaks below the $64,000 support level, it could indicate a decline to the $60,365 support level.
With a 39.43 14-Daily RSI reading, BTC may fall below the $64,000 support level before entering oversold territory.
