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Monday BTC-Spot ETF Flows and $50,000

BitMEX Researsh – Flows for 09/02/24

Amidst the BTC-spot ETF market hype, US lawmakers continued to garner investor interest.

On Sunday, amicus curiae attorney John E Deaton shared a post of Hillary Clinton targeting BTC, saying,

“Hillary Clinton is against Bitcoin.”

Hillary Clinton had this to say about bitcoin,

“And then one more area that I hope nation states start paying greater attention to is the rise of cryptocurrency. Because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies or undermining the role of the dollar as the reserve currency. For destabilizing nations, perhaps small ones but going much larger.”

Clinton went on to say,

“So, when we think about this new environment within which we find ourselves, that we’ve been discussing for the last some minutes, we can’t just think about nation states.”

The anti-crypto stance aligns with the current US administration and the Democratic Party’s stance on digital assets.

Technical Analysis

Bitcoin Analysis

BTC sat well above the 50-day and 200-day EMAs, sending the bullish price trends.

A BTC breakout from the $48,178 resistance level would support a move toward the $50,500 resistance level.

SEC activity, US lawmakers, and BTC-spot ETF market-related updates require consideration.

However, a break below the $47,500 handle would give the bears a run at the $46,020 support level.

The 14-Daily RSI reading, 73.67, shows BTC in overbought territory. Selling pressure could intensify at the Monday morning high of $48,598 resistance level.


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