FTX case moves forward. Sam Bankman-Friedthe former FTX boss was charged with 13 counts. However, it seems that only eight of these charges will be pursued. This is bad news for the exchange’s customers, who were the victims of the FTX founder’s various actions. For its part, the Bitcoin price is hovering around $29,000, and sellers continue to apply pressure.
Bitcoin price falls slightly in 24 hours
Bitcoin continues to be in the red. In fact, the Bitcoin price shows a slight drop in 24 hours :
In just one week, thes down 2.3%.. In one month, BTC falls by more than 4%.. At the same time, BTC/ETH stagnates in 24 hoursbut drops by 4% in one month.
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Investors turn away from Bitcoin
The hype surrounding Bitcoin ETFs has brought in investors. Indeed, the cryptocurrency-linked financial products have seen inflows over the past four weeks. However, it would appear that thecraze disappears. This week, financial products recorded outflows of $6.5 million according to the CoinShares report:
However, these outflows remain low when compared to 742 million in the last four weeks. The report mentions that Bitcoin is being abandoned by investorsfinancial products recorded outflows of 13 million dollars. On the other hand, while investment in cryptocurrencies in general is in sharp decline, this is not the case for Ethereum. The prince of crypto-currencies seems attracting investors.
CoinShares announces inflows of $6.6 million. This shows a change of feeling regarding the second-largest cryptocurrency capitalization. Is the capital that had been flowing predominantly into BTC now towards Ethereum ?
Towards a return to $28,500 for the Bitcoin price?
BTC price moves below resistance at $29,800. As long as the price does not change momentum, the sellers have the upper hand :
As a result, the price could continue to fall towards the next support at $28,500. On the other hand, if buyers push, they have the opportunity to change momentum in the 4H time unit. To do so, they will need to close above the last high at 29,670 dollarsand back above the resistance at $29,800. The RSI is in the process of bounce backclosing above 53 would enable us to regain a dynamic with rising troughs and peaks.
The Bitcoin no longer seems to be benefiting from the popularity of Bitcoin ETFs. In fact, investors are deserting financial products linked to BTC and cryptocurrencies. However, it would appear that Ethereum is beginning to interest investors. A factor to consider for the coming weeks and months. The Bitcoin price needs to regain momentum with rising lows and highs to avoid further waves of decline. If buyers fail to react, the next support in 4H is located at $28,500.
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