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Bitcoin (BTC) News Today: BTC Gains Amid US Political Winds and ETF Flows

By:
Bob Mason
Updated: Jun 10, 2024, 02:42 GMT+00:00

Key Points:

  • Bitcoin (BTC) advanced by 0.43% on Sunday (June 9), closing the session at $69,684.
  • US politics and US BTC-spot ETF market flow trends remained focal points for investors.
  • On Monday (June 10), US BTC-spot ETF market flow data, US lawmaker chatter, and SEC activity warrant investor attention.
Bitcoin (BTC) News Today

In this article:

Crypto Becomes the Political Coin

On Sunday (June 9), bitcoin (BTC) advanced by 0.43%. Reversing a 0.06% loss on Saturday (June 8), BTC ended the week up 2.79% to $69,684. Significantly, BTC ended its three-day losing streak.

Investor concerns about the Fed interest rate trajectory took a backseat on Sunday. US BTC-spot ETF market flow trends countered the effects of a hotter-than-expected US Jobs Report on market risk sentiment.

Furthermore, US Republican Party support for crypto likely contributed to the Sunday gains. US President Donald Trump recently signaled his support for crypto, making the US digital asset space a political talking point.

Last week, Ripple CEO Brad Garlinghouse discussed the crypto market and the US Presidential election, saying,

“You have seen Trump make this part of his campaign. I think it’s incredibly smart, incredibly strategic. This is a topic that has a lot of passionate people. […]. The Republicans are being very strategic in how they are approaching that. And I think it’s becoming an election issue, which I think is good for the industry and thus driving some momentum in the market.”

Garlinghouse also said that while the Biden Administration has said some things, they haven’t taken steps to support the US digital asset space.

Over the weekend, CNN reported Trump is leading Biden in key swing states. Trump’s support for crypto could expose BTC and the broader crypto market to the US Presidential Election Polls.

While US politics could take center stage in the coming months, the BTC-spot ETF market will continue influencing BTC price trends.

US BTC-Spot ETF Holdings Justify the Trump Focus on the Crypto Vote

On Sunday, MicroStrategy (MSTR) founder and chairman Michael Saylor shared BTC holdings across the global BTC-spot ETF market, saying,

“34 Spot BTC ETFs hold 1,031,973 BTC.”

Despite only launching in January 2024, the US BTC-spot ETF market held 883,978 BTC as of June 7. The Global ex-US BTC-spot ETF market held 1,031,973 BTC. Notably, the Global ex-US BTC-spot ETF market comprised 23 ETFs compared with the 11 US BTC-spot ETFs.

Before the US BTC-spot ETF market, Coinbase (COIN) kicked-started the #StandWithCrypto campaign to raise crypto awareness on Capitol Hill. The campaign highlighted that 52 million Americans held crypto at the time. The crypto vote could be significantly higher, considering the US BTC-spot ETF holdings as of June 7.

Political pressure on the SEC to curb its regulatory through enforcement agenda could increase investor interest in the US digital asset space.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC breakout from $70,000 could signal a move to the Friday (June 7) high of $71,992. A break above $71,992 could give the bulls a run at the $73,808 all-time high.

US lawmaker chatter, BTC-spot ETF market flow data, and SEC activity need consideration.

Conversely, a BTC fall through the $69,000 support level could bring the 50-day EMA into play.

With a 57.26 14-Daily RSI reading, BTC may rise to the all-time high of $73,808 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD Daily Chart 100624

Ethereum Analysis

ETH remained comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

An ETH return to $3,750 could signal a move to the $3,835 resistance level. A breakout from the $3,835 resistance level would support a move to the $4,000 handle.

Investors should consider US ETH-spot ETF-related updates.

Conversely, an ETH drop below the $3,600 handle could bring the 50-day EMA and the $3,480 support level into play.

The 14-period Daily RSI reading, 54.46, suggests an ETH climb to $4,000 before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD Daily Chart 100624

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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