Crypto Daily – Bitcoin (BTC) has rallied over the last 5 days, gaining a remarkable $7,600 and reaching the top of its bull flag at $66,500. However, the price rally stopped just short of a new local high, and momentum indicators are showing a potential top. Is the $BTC price now going to reverse, and how far down could it go?
Things still looking good for Bitcoin
Things are still looking good for Bitcoin. China has announced more easing to come, which will also bring more liquidity into the global monetary system as a whole, while other central banks will no doubt be following suit.
The U.S. Spot Bitcoin ETFs raked in a whopping 8.85K BTC on Monday, which in dollar terms is around $555.9 million. This is the largest single net inflow day since early June, and is nearly 20 times the daily issuance of newly mined Bitcoin.
Larry Fink, CEO of Blackrock (NYSE:), the largest holder of Bitcoin among the U.S. ETFs recently said that Bitcoin was an asset class in itself,…
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