Bitcoin Price Outlook: US Regains BTC Market Share as ETF Interest Grows

Bitcoin (BTC) is currently experiencing a bearish trend around the $60,700 level. This decline follows remarks from Federal Reserve Chair Jerome Powell, who suggested that forthcoming interest rate reductions may not be as pronounced as previously expected after the recent 50-basis-point cut.

Nonetheless, BTC’s downturn could be temporary, as increasing interest in spot ETFs is enhancing U.S. Bitcoin holdings. Furthermore, the early release of CZ has generated optimism for a possible rally across the market.

U.S. Dominance in Bitcoin Holdings and CZ’s Release Boost Market Confidence

On a positive note, the U.S. is reclaiming its position of dominance in Bitcoin (BTC) holdings, as reported by Ki Young Ju, CEO of CryptoQuant. This resurgence is largely fueled by a rising demand for spot exchange-traded funds (ETFs) associated with Bitcoin.

Ju points out that the U.S. now possesses a greater share of Bitcoin compared to other nations, with participation primarily limited to established organizations.

Additionally, Bitcoin has shown impressive resilience this year, effectively managing significant market challenges, including the Mt. Gox incident and considerable sales from Germany, without experiencing major price declines.

The U.S. is regaining dominance in #Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand. Only known entities are included. pic.twitter.com/a9XOb5134E

— Ki Young Ju (@ki_young_ju) September 26, 2024

Moreover, the early release of Changpeng Zhao (CZ), the former CEO of Binance, from incarceration has ignited positive sentiments in the market. Ju believes that CZ’s return could potentially trigger a wider market rally.

The U.S. regaining dominance in Bitcoin holdings, coupled with the potential market rally from CZ’s early release, could enhance investor confidence, stimulating demand and possibly elevating Bitcoin’s price as established entities reinvest and market sentiment improves.

U.S. Bitcoin ETF Inflows and Corporate Interest Boost Investor Confidence

In addition, U.S. spot Bitcoin exchange-traded funds (ETFs) are witnessing strong inflows, with $61.3 million added over the past week, marking eight consecutive days of positive growth.

BlackRock’s IBIT led the way with $72.15 million in inflows, while Fidelity’s FBTC added another $8.32 million. However, some funds, including Ark and 21Shares, experienced outflows.

In a positive development, Japanese investment firm Metaplanet Inc. has increased its Bitcoin holdings by nearly $7 million, bringing its total to 506.745 BTC, valued at approximately $32.2 million.

Metaplanet has been actively acquiring Bitcoin after designating it as a strategic reserve asset.

I have the compulsive need to express how bullish I am on #Bitcoin & crypto every days lately, so I’ll do another one.
U.S. ETFs got $1.16B of net inflows for the last 5 working days with a $BTC above $60,000. Fundings are neg or close. Close to $20B of net inflows since… https://t.co/kleYpsOoHT pic.twitter.com/N1PTJ8HxcL

— WealthyReadings (@WealthyReadings) October 1, 2024

Similarly, speculation is increasing regarding Michael Dell, CEO of Dell Technologies, who sold $1.22 billion worth of company shares. This has led to conjecture that he may be contemplating an investment in Bitcoin.

Meanwhile, Taiwan’s Financial Supervisory Commission has broadened investment options by permitting professional investors to access foreign virtual asset ETFs, aiming to enhance the competitiveness of Taiwan’s financial market.

Although Taiwan has been cautious regarding digital assets, this regulatory change aligns it with other global financial centers, allowing for more investment opportunities while managing risks.

Consequently, the substantial inflows into U.S. Bitcoin ETFs and heightened corporate interest, such as Michael Dell’s stock sales, could bolster investor confidence and demand for Bitcoin. This may lead to increased price momentum as institutional and professional investments in BTC expand.

Bitcoin (BTC/USD) Daily Outlook – October 1, 2024

Bitcoin has fallen below its ascending channel support at $61,717, indicating a potential bearish reversal. The next immediate support level is at $60,058, followed by $58,909. Should BTC fail to maintain these levels, a deeper correction toward $57,513 is probable.

On the upside, immediate resistance is identified at $63,014, followed by stronger resistance at $64,148 and $65,432. The Relative Strength Index (RSI) currently stands at 38.15, suggesting bearish momentum.

Meanwhile, the 50-day Exponential Moving Average (EMA) at $63,943 serves as a crucial barrier for any recovery attempts.

Key Insights:

• Immediate Support at $60,058: A breach below could result in further declines.
• RSI at 38.15: Indicates weakening momentum and heightened selling pressure.
• 50-EMA at $63,943: A vital resistance level for potential bullish reversals.

Overall, Bitcoin remains under pressure as it trades below key support levels. A rebound above $61,717 is necessary to restore bullish sentiment.

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