Krutika Adani
Bitcoin ETFs saw their first inflow on 9 Sept 2024 after ten days of negative or zero inflows.
The inflow may have been encouraged by the reversal in crypto markets the day before yesterday.
Bitcoin’s price has crossed its bull market support of $55k and, at press time, trades around $57k.
This recovery might be sustained if the macroeconomic data, such as employment figures and inflation, turn out to be less than in the past month. This will encourage the US Fed to go for a higher rate cut.
Bitcoin is expected to cross $60k in the following week if ETF inflows are sustained. Otherwise, Bitcoin may soon find itself below $55k.