Crypto market analysis of January 18, 2024
Written by Yuya Hassegawa, butbank
Bitcoin continues to consolidate as the market looks for a new catalyst. The strong U.S. December retail sales ruffled the market and its expectation that the Fed’s rate cuts will start in March has somewhat retreated. However, with newly approved spot bitcoin ETFs in the states hitting more than $11billion-volume in just four days, their strong beginnings seem to be supporting the market sentiment and the price of bitcoin.
Moreover, some had concerns about massive selling pressures from Grayscale’s GBTC once their ETF started trading, and in fact we have witnessed some outflow of 25k BTC by the end of Tuesday, but that outflow has been canceled out by the inflows to BlackRock and Fidelity’s spot bitcoin ETFs, which have seen a total inflow of about 26k BTC.
Nevertheless, there is not much notable economic data or events left to look out for this week, and bitcoin could continue to trade sideways for the rest of the week. The price could recover $4.3k in the short term, but recovering $4.4k will not likely be easy without a catalyst.
Disclaimer
I confirm that I have read and understood the following: The information contained in this article is strictly the opinions of the author(s). This article was authored free from any form of coercion or undue influence. The content represents the author's own views and does not represent the official position or opinions of CrossAngle. This article is intended for informational purposes only and should not be construed as investment advice or solicitation. Unless otherwise specified, all users are solely responsible and liable for their own decisions about investments, investment strategies, or the use of products or services. Investment decisions should be made based on the user’s personal investment objectives, circumstances, and financial situation. Please consult a professional financial advisor for more information and guidance. Past returns or projections do not guarantee future results. This article is provided by CrossAngle’s third-party research partners. CrossAngle does not have any editorial control over this article and does not warrant the accuracy and timeliness of the information contained herein. This article may contain links to third-party websites, over which CrossAngle disclaims any control or responsibility.
Xangle or its affiliated partners own all copyrights of the written or otherwise produced materials and content provided on the platform. Any illegal reproduction of such content, including, but not limited to, unauthorized editing, copying, reprinting, or redistribution will result in immediate legal actions without prior notice.
