In this video we break down the latest Bitcoin price action to determine if we are seeing a major bottom or just a temporary bounce. We analyze the current market structure using the Elliott Wave model to identify the key support and resistance zones that will dictate the direction of the market for the coming week. Video by More Crypto Online.
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Bitcoin (BTC) is trading on steady ground, hovering between $64,000 and $64,500. Intraday gains are supported by strong institutional ETF inflows and easing geopolitical risks.
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Bitcoin Insights Today
-ETF Inflows Surge: U.S. spot Bitcoin ETFs registered over $170 million in net inflows on August 4 alone. BlackRock’s IBIT led with $111.43 million, matching nearly all of July's total inflow volume in a single day.
-Macro De-escalation: Reports of resumed diplomatic talks to reopen the Strait of Hormuz have lowered crude oil prices, driving a significant tailwind for risk-on assets like crypto.
-Legislative Progress: Markets are tracking the CLARITY Act, which is confirmed for a Senate floor vote before the upcoming recess. This vote is aimed at establishing a definitive regulatory framework for digital assets.
-Correlation Metrics: BTC continues to trade in tandem with traditional equities, maintaining a 63% correlation with the S&P 500 and a 58% correlation with gold.
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