European Spot Bitcoin ETFs lose over $500 mil ⚠️

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• Bitcoin held it’s crucial support at $67,200 yesterday. As long as we are above this level, things are good, and Bitcoin’s up-trend remains intact.

• A break of this key level will shift the bias to slightly bearish.

• $70,600 is a key resistance for BTC before aiming for new all-time-highs.

• Look for BTC dominance to be rejected from 54.44% or 54.8% to find good alt-coin trades on an intraday basis today.

Europe’s Spot BTC ETP’s are taking a hit ⚠️

According to the Financial Times, European spot Bitcoin ETPs have seen net outflows of $500 million so far this year, based on Morningstar data. In contrast, ETPs for Ether and other altcoins have only brought in $42 million in net inflows, which isn't enough to offset the Bitcoin ETP losses.

On the other hand, U.S. funds have attracted $13.6 billion in net inflows since launching on January 11, with BlackRock and Fidelity's Bitcoin trusts leading the way.

Salesforce takes a hit 🩸 

Salesforce, $CRM, which was the 30th largest public company in the world yesterday, is now down almost 20%.

$CRM has erased nearly $60 billion in market cap this week after posting its first revenue miss since 2006.

For its second fiscal quarter, Salesforce projected that adjusted per-share earnings would be in a range of $1.31 to $1.33 on revenue of between $9.20 billion and $9.25 billion. Wall Street forecasts had seen the figures at $1.47 and $9.34 billion, respectively

The stock is now down 15% in 2024 and has erased all of its gains over the last 12 months.

📕 Educational

How Much Upside Potential Remains for Bitcoin & Alts?

The Supply in Profit indicator represents the percentage of the circulating supply of BTC that is in profit. When the BTC price surpasses the previous cycle's all-time high (ATH), this indicator approaches nearly 100%, as most investors would be seeing profits. Generally, during a bull market, this indicator maintains a level of 90-100% for approximately 6-12 months.

To make a clear benchmark, we used the ultra-long-term moving average (1,500 DMA) and ±1 standard deviation (SD). Given that BTC undergoes halving every four years, we set one cycle period to approximately four years (1,500 days). The +1 SD range forms between 85-95% of the indicator. If the Supply in Profit exceeds the +1 SD band, it is interpreted as being in a major bull market.

Interestingly, before the start of each major bull market (indicated by the green box 🟩), there was a brief precursor period (indicated by the orange box 🟨) where the indicator surpassed the +1 SD band. This pattern has been observed again in the current cycle. The combined duration of the precursor and major bull market periods are as follows:

☑️ 2015-2018: 580 Days

☑️ 2019-2022: 280 Days

☑️ 2023-Present: 180 Days + ?

From the last two cycles, we can see that the bullish trend lasted approximately 300-600 days. If we observe a similar pattern in the current cycle, we can expect the upward momentum to continue for anywhere between another 3-13 months. While the range is quite big, in our opinion, we believe that the upper/latter part of the range is more realistic.

With both BTC and ETH spot ETFs now approved, and if capital continues to flow in, this is not merely wishful thinking.

Source : CryptoQuant

📊 Stats

📈 Chart of the day

• Rationale :

• 4H Bullish order-block

• 4H horizontal support

• 4H equilibrium zone

• Green AVWAP support

• 1H discount zone

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

• Source : Cointraction 

🤣 Meme of the day

Pretty accurate 😂 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Donal