Bitcoin (BTC) News Today: Miner Sale Trends and Spot ETF Outflows

On Friday, the Michigan Inflation Expectations Index impacted buyer demand for BTC after holding steady at 3.3% in June. Sticky inflation numbers from the US could materially influence the Fed rate path.

According to the CME FedWatch Tool, the chances of the Fed standing pat in September fell from 49.5% to 32.3% in the week ending June 14. A higher Federal Funds Rate projection for 2024 remained a BTC headwind.

Technical Analysis

Bitcoin Analysis

BTC was below the 50-day EMA while remaining above the 200-day EMA, affirming bearish near-term but bullish longer-term price signals.

A BTC breakout from the 50-day EMA would support a move to the $69,000 resistance level. A break above the $69,000 resistance level could signal a move toward the $73,808 all-time high.

US politics, SEC activity, and sentiment toward the Fed rate path require consideration.

Conversely, a BTC break below $65,000 could give the bears a run at the $64,000 support level.

With a 42.97 14-Daily RSI reading, BTC could break below the $64,000 support level before entering oversold territory.