Bitcoin (BTC) News Today: BTC Declines Amid US Government Moves and ETF Outflows

BTC Extends Losses on BTC Oversupply Jitters

On Tuesday, July 30, BTC declined by 0.83%. Following a 2.12% loss on Monday, July 29, BTC ended the session at $66,253.

US BTC-Spot ETF Outflow Risk on US Government BTC Moves

BTC and the crypto market continued to react to the US government transferring $2 billion BTC to two crypto wallets.

The $2 billion transfer occurred days after Donald Trump pledged the US government would retain all its BTC holdings if he became president.

Notably, US BTC-spot ETF market flow trends reflected the market reaction to the $2 billion transfer news.

On Tuesday, July 30, the US BTC-spot ETF market faces the risk of net outflows for the first time since July 23.

According to Farside Investors,

• On Tuesday, Grayscale Bitcoin Trust (GBTC) saw net outflows of $73.6 million.
• ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $7.9 million.
• Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), and VanEck Bitcoin Trust (HODL) also had net outflows.

Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total net outflows of $93.2 million. (Previous day: Inflows of $124.1 million).

On Wednesday, investor fears about a surge in BTC supply remained a BTC headwind, with Mt. Gox repayments also in focus.

However, investors should also consider the FOMC interest rate decision and press conference.

FOMC Press Conference in Focus

On Wednesday, economists expect the Fed to hold interest rates steady, putting the FOMC press conference in focus.

A dovish Fed Chair Powell press conference supporting September and December rate cuts could fuel buyer demand for US BTC-spot ETFs. A surge in spot-ETF inflows may counter oversupply risks from Mt. Gox and the US government.

Technical Analysis

Bitcoin Analysis

BTC hovered above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC return to $67,500 would support a move to the $69,000 resistance level. A break above the $69,000 resistance level could bring the all-time high of $73,808 into play.

The Fed, US BTC-spot ETF flow data, and BTC supply-related news require consideration.

On the other hand, a break below $65,000 could give the bears a run at the 50-day EMA and the $64,000 support level.

With a 55.50 14-Daily RSI reading, BTC could return to $70,000 before entering overbought territory.

Ethereum Analysis

ETH remained below the 50-day EMA while holding above the 200-day EMA, confirming the bearish near-term but bullish longer-term price trends.

A breakout from the 50-day EMA could give the bulls a run at the $3,480 resistance level. A break above the $3,480 resistance level may bring $3,600 into play.

US ETH-spot ETF market flow trends require consideration.

Conversely, an ETH break below the $3,244 support level could signal a drop to the 200-day EMA.

The 14-period Daily RSI reading, 48.04, suggests an ETH drop to the $3,033 support level before entering oversold territory.