Crypto Market Is HODLing Today: Ethereum ETF, Bitcoin, Memecoins

The last ten days recorded a daily average $200 million inflow into Bitcoin Spot ETF, Friday aline registered $385 million, and on Tuesday exceeded $ 530 million.

Despite increased inflows spot BTC ETFs, the Ethereum Spot ETF approval news the total crypto marketcap is down 1.32% today. TOTAL hovers around to $2.4 Trillion from the past 3 days days. 

This is anticipated to be a direct impact of Ethereum ETF approval, where traders are HODLing to react after the ETF inflow report. 

A full-scale ETH spot ETF launch could trigger the market to strong above $2.4T, If the bullish sentiments are invalidated this could result in pushing the market cap into $2.3T zone.

Bitcoin price today is making waves, testing resistance again at $68,000 and pulled back to $66,755 price at the press time.

Altcoins top the 24-hour gainers list with coins like ENS, STRK, ETC, and MEW, and some largest gainers like Huobi(HT), MAGA, and HOPR have made more than 50% gains.

Memecoins market cap also takes a 4.5% downturn to $55.7 Billion. 

Bitcoin $70K Is On The Cards.

Bitcoin price action in the last 4 days has shown a clear direction into the $70K zone affiliated by the Spot ETF influx. 

BTC Price now at $66,755 is finding support to make the breach strong above the $68,500 critical resistance. Currently, Bitcoin needs to control the bears and concentrate on price rallies to gather bounceback power. 

In The BTC/USDT Chart, the Awesome Oscillator reveals positive moments around the asset in the short term.

Also applied the Alligator Indicator, which indicates the trend direction shows the open mouth structure, which means the traders are still entering position. 

The widening wedge channel pattern keeps resistance at $70K again.

Bitcoin is anticipated to break the $68,500 and enter the $70K zone in trading cycles. 

Memecoins Halt For While

Memecoins performance is often proportional to Bitcoin;s direction, in today’s sessions Top memecons DOGE, SHIB, PEPE, FLOKI, BRETT, and WIF are neutralized and fallen.

MOG registered the largest loser with nearly a 10% fall after reaching its all-time high at $0.00000243 yesterday. 

The overall crypto market today is in Holding mode with some assets facing turbulence. It’s better to Hold and watch the market movements toward Ethereum ETF approval and other dynamics. 

Also Read: Top 10 Cryptos Trade in Red Zone: Will Solana (SOL) Price Reverse the Trend & Reclaim $180?