Crypto Market Analysis, Floki Listing,PEPE futures listing, Market News

Market News:

• BTC price approaches $72K: The price of bitcoin surged to nearly $72K on Wednesday after US spot bitcoin ETFs recorded their second-highest single day of net inflows.
• Biden vetoed a bipartisan resolution aiming to reverse an SEC rule on crypto custody services: The White House said the resolution would “jeopardize the well-being of consumers."
• Robinhood buys exchange: Robinhood announced Thursday it has agreed to acquire Bitstamp, a European crypto exchange, for around $200 million.
• MicroStrategy and its chairman Michael Saylor have settled tax fraud allegations for $40M: The company’s stock subsequently jumped more than 3% on Wednesday; the company maintains nearly $15B in BTC holdings.
• Changpeng "CZ" Zhao, founder of Binance, started a four-month prison term in Santa Barbara, California: CZ admitted to violating the Bank Secrecy Act (BSA) in November.
• Shares in GameStop surged 21%: Keith Gill, "Roaring Kitty," revealed a $116M stake in the company, driving renewed investor interest and trading activity.
• Bitcoin open interest has increased to over $1.5 billion as the price trades down, indicating a “high-risk situation,” according to an analyst.
• The memecoin market cap is underperforming the wider crypto market, with Roaring Kitty-themed tokens posting double-digit decreases.
• The ZKsync Association will conduct a one-time token airdrop to 695,232 eligible wallets next week.

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Market Trends & Analysis

Macro & Technicals

Bitcoin Price Outlook

Despite positive ETF inflows, Bitcoin's price outlook remains uncertain. Key levels to watch include:

• The 4-hour imbalance between $62,994 and $64,733, a crucial zone for BTC accumulation.
• A weekly breakout above the $71,000 level, which could ignite a bullish trend and push BTC to new all-time highs.
• Conversely, a weekly breakdown below the $61,000 support level could initiate a bearish trend in the crypto market.

Bitcoin Market Update: Spot ETF Inflows and Key Price Levels

Recent inflows into Bitcoin spot ETFs indicate a potential shift in market sentiment. However, for a bullish trend to take hold, BTC must surpass the $71,000 resistance level. Conversely, if BTC falls below the $61,000 support level, it could signal a bearish correction.

The recent decline in Bitcoin's price has erased billions in open interest and led to significant liquidations. With upcoming events in both the crypto and stock markets, the possibility of a reversal remains high.

Crypto Market Dynamics

On June 6, Bitcoin spot ETF inflows surged to $886 million, raising investor expectations for a bullish market outlook. However, just two days later, BTC's price dropped by approximately 2%, resulting in a $4.21 billion decrease in open interest and over $400 million in liquidations. This volatility highlighted the market's leverage and the necessity of this corrective move before establishing a clear direction.

What to Watch

• Fetch.ai, Ocean Protocol & SingularityNET ASI Merge, Tuesday, June 11

• US Consumer Price Index (CPI), Wednesday, June 12
• The start of the Euro 2024 tournament could trigger a volatile move in Chiliz (CHZ) price, Friday, June 14

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