Bitcoin Surges After US Data Release

Bitcoin experienced a notable uptick following the release of recent US macroeconomic data. On June 27, after the Wall Street market opened, Bitcoin reached a daily peak of $62,323 on centralized cryptocurrency exchanges, according to TradingView. The US unemployment figures, although lower than anticipated, did not generate new inflation worries in the crypto sphere.

What Does the Recent Data Indicate?

The BTC/USD pair saw a 2.3% increase at the time of reporting. Investors are hopeful that this trend might push selling liquidity above the spot price. Renowned trader Daan Crypto Trades commented on the liquidity landscape, highlighting the absorption of liquidity at $59,000 and the potential for an intriguing battle in the coming weeks. Access NEWSLINKER to get the latest technology news.

Another analyst, Jelle, pointed out that despite the US and German governments liquidating coins and Mt. Gox repaying creditors, Bitcoin has managed to maintain its lower levels. This resilience suggests a strong support base for the cryptocurrency.

Are Exchange-Traded Funds Impacting Bitcoin?

Daan Crypto Trades also noted positive net inflows into US spot Bitcoin exchange-traded funds for the second consecutive day. Data from Farside Investors, a UK-based investment firm, showed that $21.4 million was managed on June 26, following $31 million the previous day.

Blockchain data analysis platform CryptoQuant contributor Axel Adler Jr weighed in on Bitcoin’s recovery time from its all-time highs in March. By comparing current movements to those at the end of 2019, he suggested that a five-month correction with a maximum drop of -46% is possible.

Key Takeaways for Investors

– Monitor US macroeconomic data as it significantly impacts Bitcoin prices.
– Look out for liquidity levels around $59,000 as potential buying opportunities.
– Keep an eye on net inflows into Bitcoin ETFs as a positive market signal.
– Be aware of historical patterns, but understand that significant buybacks could alter trends.

Adler further indicated that an active buyback of over 500,000 Bitcoins, worth $31 billion, could disrupt this correction. Additionally, he noted an 18% decline in Bitcoin supply in profit, reflecting a bearish sentiment among investors.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.