For a deeper dive, see our full XRP forecast here.
Bitcoin Advances as Fed Chair Powell Fuels Price Lower Bets
Whereas XRP superior on optimism in regards to the Ripple case, bitcoin (BTC) trended increased as buyers raised expectations of a Q3 Fed price minimize. Fed Chair Powell sank bets on a July Fed price minimize, stating:
“In the intervening time, we’re properly positioned to attend to study extra in regards to the possible course of the financial system earlier than contemplating any changes to our coverage stance.”
Nonetheless, markets took his view that present charges have been modestly restrictive as a price minimize sign boosting demand for danger belongings. The Nasdaq Composite index closed the June 24 session up 1.43%.
US BTC-spot ETFs Eye Eleven-Day Influx Streak
Market reduction over the Iran-Israel ceasefire and rising hopes on a Q3 Fed price minimize fueled BTC-spot ETF inflows. In line with Farside Traders, key inflows for June 24 included:
- Constancy Smart Origin Bitcoin Fund (FBTC) had web inflows of $85.2 million.
- ARK 21Shares Bitcoin ETF (ARKB) reported web inflows of $43.8 million.
- Grayscale Bitcoin Mini Belief (BTC), Bitwise Bitcoin ETF (BITB), and VanEck Bitcoin ETF (HODL) noticed mixed web inflows of $23.3 million.
With BlackRock’s (BLK) iShares Bitcoin Belief (IBIT) circulate knowledge pending, whole US BTC-spot ETF inflows reached $152.3 million. Notably, the US BTC-spot ETF market might lengthen its web influx streak to eleven periods.
Influx developments have been pivotal, supporting bullish momentum and a possible break above the document excessive of $111,917. Related flows into XRP-spot ETFs may drive XRP above its all-time excessive of $3.3999.
BTC Value Outlook: Commerce Headlines, Capitol Hill, and ETF Flows
BTC superior 0.66% on June 24, following Monday’s 4.42% rally, closing at $106,139. The near-term worth outlook hinges on a number of essential elements, together with US-Iran nuclear deal talks, commerce developments, and ETF flows.
Potential situations:
- Bearish Situation: Renewed Center East tensions, laws setbacks, US tariff threats, and ETF outflows. A mix of those might ship BTC towards the 50-day Exponential Shifting Common (EMA), probably exposing sub-$100,000 ranges.
- Bullish Situation: Progress towards a US-Iran nuclear deal, bipartisan help for the Bitcoin Act, easing commerce tensions, and ETF inflows. Underneath these situations, BTC may retest its all-time excessive of $111,917.
