Bitcoin (BTC) ETF Sees $620 Million Inflow in Three Days... Crypto Market Cap Stalls Ahead of $2.2 Trillion

▲ Bitcoin (BTC)

The cryptocurrency market rebounded as $626 million flowed into US Bitcoin (Bitcoin, BTC) spot ETFs over three days. However, the upward trend stalled at the $2.2 trillion resistance level.

According to crypto media outlet BeInCrypto on August 6 (local time), the total cryptocurrency market capitalization rose by approximately 0.5% to $2.19 trillion. The key driving force behind the market's rise was the consecutive net inflows into US Bitcoin spot ETFs. $170 million flowed in on August 3, $211 million on August 4, and $244 million on August 5, respectively. This marked a reversal of the capital flow from the $265 million net outflow recorded on July 31.

However, investment demand has not spread across the entire cryptocurrency market. The XRP spot ETF saw an outflow of $3.58 million on August 5. Amid selective buying centered on Bitcoin, investors refrained from active trading ahead of the US employment report to be released on the 7th. The caution that overly strong employment could reignite interest rate hike concerns limited the extent of the rebound.

The total cryptocurrency market capitalization has repeatedly failed to surpass the $2.2 trillion level, which it lost on July 27. If this resistance level is firmly recovered, the next target will be $2.26 trillion. Conversely, if the upward attempt is blocked again, $2.16 trillion, $2.13 trillion, and $2.09 trillion could serve as support levels in sequence.

Pi Coin (Pi Coin, PI) rebounded approximately 6% from its low, but is still down 19% on a monthly basis. The gap to its all-time low of $0.07 is only 29%. However, compared to July 28, buying volume has increased, and selling pressure has weakened since July 27, indicating a potential inflow of real demand.

To break out of the downward channel that began on June 20, Pi Coin must first recover $0.096. If it then breaks above $0.105, the technical trend could turn bullish, with $0.113 suggested as a significant reversal point for an upward trend. Conversely, if it falls below $0.086, it could retest its all-time low of $0.07. While capital inflows into Bitcoin spot ETFs are supporting the market, employment figures and the $2.2 trillion resistance level are key variables that will determine the next direction.

[Article Summary]

-Approximately $626 million in net inflows were recorded into US Bitcoin spot ETFs over three days from August 3.

-The cryptocurrency market capitalization was blocked at the $2.2 trillion resistance level, and the US employment report became the next variable.

-Pi Coin needs to break above $0.105 to confirm a bullish trend, and a break below $0.086 increases the likelihood of retesting its all-time low.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*