Bitcoin Daily Trend Analysis
From a daily chart perspective, Bitcoin recently touched the MA60 support level and rebounded sharply. This pullback appears to have completed its correction phase in the short term. Next week, we may see another attempt to challenge the previous high around $72,000.
If a secondary pullback occurs in the near term, approaching the previous low near $66,000 would present a good opportunity to add spot positions. During an upward trend, every retest of the trendline offers an optimal entry point for spot accumulation. Always be prepared to capitalize on these intraday dip opportunities.
Bitcoin ETF Records 9 Consecutive Days of Net Inflows
Bitcoin ETFs have demonstrated remarkable strength with nine consecutive days of net inflows. This trend is visible across markets in the United States, Hong Kong, and now the United Kingdom, where institutions, large holders, and retail investors continue to accumulate positions.
The recent approval of Bitcoin ETFs in the UK will likely bring additional capital into the market shortly. Based on current market performance and institutional interest, Bitcoin has a strong probability of breaking through the $74,000 level in June, potentially setting new all-time highs.
Since BlackRock's entry into the crypto space in June 2023, the Bitcoin ETF market has undergone substantial transformation, attracting more traditional investors and increasing market liquidity.
Ethereum BlackRock ETF Approved: Trading Expected Within 20-30 Days
The Ethereum ETF managed by BlackRock has received regulatory approval. The process now moves to operational and administrative phases, with official listing on U.S. stock exchanges anticipated within the next 20 to 30 days. This development positions Ethereum as a central asset in the ongoing market cycle.
Reflecting on the period from June 2023 to May 2024, the anticipation around Bitcoin's BlackRock ETF fueled a year-long rally, driving Bitcoin from $25,000 to $73,000—a gain of approximately 190%. In contrast, Ethereum's ETF-related momentum caused a rapid price increase from $2,900 to $3,900 in just a few days, a rise of about 30%.
This bull market is largely driven by ETF activity, with BlackRock's involvement serving as a major catalyst. Many traders are now positioning for a similar ETF-led rally in Ethereum.
The derivatives market has already reflected this anticipation, with frequent "wick" or spike patterns forming on charts. After a dip to around $3,625, the price quickly rebounded. The lowest point during the announcement volatility was near $3,500, making levels approaching that price attractive for long entries.
Now that the news is public, the market is likely to stabilize before resuming its upward trajectory. The $3,500 level serves as major support, and traders should consider accumulating near that region.
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Understanding the Grayscale Dynamic
A common concern among traders is the potential selling pressure from Grayscale's Ethereum Trust. It's important to note that Grayscale's average acquisition cost for Ethereum was between $300 and $400 back in 2020. They currently hold roughly 3 million ETH, representing gains of over 10x.
However, any major selling activity from Grayscale would only occur after the ETF is officially listed and shares are unlocked. That hasn’t happened yet, meaning large-scale sell-offs are not an immediate threat.
This creates a bullish window of approximately 15 to 30 days—roughly from May 25 to June 15, possibly extending into July. Once Ethereum ETFs are officially listed around June or July, caution is advised as Grayscale may begin distributing shares, increasing selling pressure.
Trading Strategy and Outlook
Ethereum remains a core holding in this cycle. Patience is key—wait for sharp dips or wicks to establish long positions rather than chasing the price upward. Avoid overcommitting in futures trading due to the potential volatility post-ETF listing.
A more effective approach is to buy around support levels and take profits during rallies, essentially trading the larger waves. The 15-25 day window offers a rare opportunity to capitalize on this market phase.
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Frequently Asked Questions
What does a pullback to the MA60 mean for Bitcoin?
A pullback to the MA60 (60-day moving average) often serves as a support test in an uptrend. It indicates a healthy correction that allows the market to consolidate before attempting another upward move, making it a potential accumulation zone.
How do ETF approvals influence crypto prices?
ETF approvals typically attract institutional and retail capital, increasing demand. The anticipation and eventual inflow of new funds often lead to price appreciation, as seen with Bitcoin following BlackRock's ETF entry.
When is the best time to enter an Ethereum trade?
The best entries often occur near strong support levels, such as the recent $3,500 area, especially during market overreactions or sharp dips. Avoid entering during rapid pumps without a pullback.
Should I be concerned about Grayscale selling ETH?
Not immediately. Grayscale can only liquidate positions after the ETF is listed and shares are unlocked, which is still several weeks away. The current window offers relatively lower selling risk.
What is the expected timeline for Ethereum ETF trading?
Official trading is expected to begin within 20–30 days after regulatory approval, likely placing the launch between mid-June and early July.
Is this bull market different from previous cycles?
Yes. This cycle is heavily influenced by institutional participation through ETFs, making the flow of traditional capital a major driving force compared to previous retail-dominated rallies.