The Great Immortal said: On June 19, a large amount of Bitcoin spot ETF flowed out, and the market continued to decline

Recently, the cryptocurrency market has been lackluster, with investor interest waning. The 11th Bitcoin spot ETF suffered another withdrawal of over $152 million on Tuesday, marking the fourth consecutive day of capital outflow.
As of June 18, the cumulative net inflow of the 11th Bitcoin spot ETF reached $14.81 billion, a decrease of $880 million compared to the peak of $15.69 billion on June 7. At the time of writing, Bitcoin has slightly dropped by 0.7% in the past 24 hours, currently priced around $64,817.
Bitcoin 4-hour chart

According to the 4H chart of Bitcoin, the current price is operating between the lower and middle bands of the Bollinger Bands, approaching the middle band. The upper, middle, and lower bands of the Bollinger Bands are gradually converging, indicating that market volatility is beginning to weaken, and the price may enter a consolidation phase.
Secondly, based on the KDJ indicator, the current K line and D line values are both below 50, forming a golden cross at a low level. If the golden cross is confirmed, the price will rebound in the short term, but attention should be paid to whether the rebound can break through the upper resistance level.
Finally, according to the MACD indicator, both the DIF line and DEA line are below the 0 axis, and the MACD green histogram is gradually shortening, indicating that the downward momentum is weakening, and a rebound may occur at any time.
Bitcoin 1-hour chart

According to the 1H chart of Bitcoin, the current price is fluctuating between the middle and lower bands, and the opening of the Bollinger Bands is converging, indicating that market volatility is weakening. If the price cannot effectively break through the middle band, it may continue to oscillate between the middle and lower bands. If it breaks below the lower band, the price will further decline.
Secondly, based on the KDJ indicator, the K, D, and J line values are all below 20, showing a clear oversold signal, but the J line value is starting to turn upwards, showing a trend towards forming a golden cross. If the KDJ forms a golden cross, the price will rebound; otherwise, it will continue to maintain a weak state.
Finally, through the MACD indicator, the DIF line and DEA line are below the 0 axis, indicating a clear bearish trend, but the MACD green histogram is gradually shrinking, showing that bearish strength is weakening. If the MACD line forms a golden cross and the histogram continues to shrink, a brief rebound will occur.
Comprehensive analysis: From the 1H and 4H levels, Bitcoin is currently in a consolidation phase in the short term, with indicators showing some signs of rebound. If multiple indicators form a golden cross and the middle band of the Bollinger Bands can effectively break through, Bitcoin's price is expected to see a rebound; otherwise, Bitcoin's price will continue to maintain a consolidation or downward trend.
In summary, the following suggestions are provided for reference:
Short Bitcoin near $65,000, targeting $64,200, with a stop loss at $65,315.
Long Bitcoin near $64,200, targeting $65,000, with a breakout target of $65,500.
Time of writing: (2024-06-20, 04:10)