📌 Daily Summary
● LIVE TRACKINGBitcoin's recovery trajectory appears uncertain, with analysts highlighting two critical resistance levels and noting a staggering $1.6 billion exposure risk. The recent release of the Fed's PCE data, used as a key inflation gauge, has also influenced market sentiment, prompting an immediate reaction from Bitcoin, which remains cautious amid ongoing volatility. Furthermore, Grayscale has identified 15 altcoins it considers undervalued, potentially signaling investment opportunities apart from Bitcoin. Compounding these challenges, significant outflows from US ETFs dedicated to Bitcoin, Ethereum, Solana, and XRP indicate persistent bearish sentiment, while a $10 billion expiration of options further raises concerns of heightened selling pressure. In a troubling development, the memecoin market has faced a dramatic decline, with one major project plummeting over 80% in value.
13:37
One analyst argues that it is still too early for Bitcoin (BTC) to recover, and a drop to $55,000 is possible.
12:32
PCE data has been released in the US. How did Bitcoin (BTC) and the dollar react? How does personal consumption expenditure affect the BTC price?
11:45
As Bitcoin falls, Grayscale has published a list of the 15 best-performing altcoins that are trading below their true value.
10:34
Over the past 30 days, there has been a net outflow of $6.4 billion from US spot Bitcoin ETFs. This is the largest monthly net outflow recorded to date.
09:31
Cryptocurrency markets are focused on the massive Bitcoin options expiry taking place towards the end of this week.
