Jul 1, 2024

Bitcoin ended June with a 7% loss mainly due to miner selling and concerns that ETF inflows represent non-directional arbitrage bets instead of outright bullish bets.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 100 million users worldwide. Let's take a look at the chart of the day. Bitcoin is looking to gain some momentum as the leading Cryptocurrency by market cap ended June with a 7% loss. The drop occurred mainly due to minor selling and concerns that ETF inflows represent non directional arbitrage bets instead of outright bullish bets on chain. Data suggests that there may be a potential resistance at $65,000 for Bitcoin's recovery. According to data source, look into Bitcoin short term holders now face losses or hold positions in the red and could attempt to exit the market at a loss or break even potentially adding to selling pressure near $65,000. That's it for today's start of the day. I'm Jen Sani. We will see you next time to unpack more of the data behind top news stories.

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