Bitcoin (BTC) price has faced a mild resistance of around $110,300 in the past three days. The flagship coin has formed a short-term bearish sentiment, coinciding with the trade deal between the United States and China.
After experiencing significant hype in the last few weeks, the closure of the U.S.-China tariff negotiations have triggered a short term sell-the-news narrative on Bitcoin. Moreover, BTC price dropped more than 1 percent in the past 24 hours to trade about $108,728 on Wednesday, June 11, during the mid-North American session.
The U.S. President Donald Trump has been pressuring the Federal Reserve to cut interest rates to match with the EU market. On Wednesday, the Bureau of Labor Statistics announced a cooler than expected inflation through the CPI data.
On Thursday, the same agency will release PPI data, which shows the change in price of finished goods and services over time. With the FOMC statement happening next week, Bitcoin price will continue to experience more volatility.
The U.S. Spot Bitcoin ETF issuers have been a major supporter of the BTC network in the past year. As Coinpedia has severally reported in the past, the U.S spot BTC ETFs have been the fastest growing investment vehicle in the 21st century to currently hold total net assets of about $132 billion.
On Tuesday, BlackRock’s IBIT led in net cash inflow of about $336 million, followed by Fidelity’s FBTC with a net cash inflow of about $67 million.
In the weekly timeframe, the bigger picture of a bullish sentiment for BTC price is evident, especially after a solid rebound from the support level of around $103k in the last 14 days.
In the 1-hour timeframe, BTC price has been losing bullish momentum since hitting a local high of about $110,300 at the beginning of this week. The 1-hour Relative Strength Index (RSI) has been forming a bearish divergence. With the MACD line attempting to cross below the zero line, amid growing bearish histograms, BTC price faces further short-term bearish sentiment in the coming days.
However, the support level established around $108.7k might hold in the coming days, amid high impact news, and trigger a fresh rally towards a new all-time high beyond $112k.
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