Bitcoin ETF Momentum Rebounds as Gold Price Slips, BTC Recovery Ahead?

Gold price has continued its slump for the second straight day, falling more than 1.4% today to $4,063.

This has also lifted the market sentiment alongside Bitcoin ETF inflow, indicating a shifting investors focus amid the ongoing market uncertainties.

The Kobeissi Letter has highlighted the trend, saying that “Gold extends two-day losses to -8%, erasing over -$2.5 trillion worth of market cap.”

This also marks the largest two-day drop for the asset since 2013, especially after the Bullion hit a record high recently.

Analyst Michael van de Poppe also lauded the dip in gold price. He noted that if Bitcoin USD breaks through $112k, it could target a new all-time high, potentially triggering a rally in altcoins.

Poppe noted, “The volatility on Gold is super high, that‘s due to the fact that it’s a massive outlier which weve witnessed in recent months.”

Gold Price Analysis | Source: Michael van de Poppe, X

Besides, he believes that the gold price has already peaked for the moment, indicating that the money would be rotated towards other risk-bet assets.

Having said that, it appears that the market participants are anticipating the fund to divert towards Bitcoin and digital assets. This, if happens, could provide massive support in BTC price recovery.

BTC Price Levels to Watch Ahead

As the institutions regain their confidence, as evidenced by the recent Bitcoin ETF inflow data, analysts have shared key insights on the flagship crypto.

In a recent X post, analyst Ted said that the $107k to $108k support marks a vital region for BTC price.

According to him, if the support sustains, Bitcoin USD could witness a robust recovery, potentially targeting a new all-time high.

BTC Price Analysis | Source: TedPillows, X

On the flip side, failure to hold the support could trigger another selloff in the Bitcoin market. He believes that such a scenario could ignite a BTC crash to $100,000.

In addition, he noted that $12 billion in shorts will be liquidated if Bitcoin pumps 10%. On the flipside, $6.98 billion in longs are expected to be liquidated in a bearish scenario of a 10% dump.

Bitcoin USD Liquidation Map | Source: TedPillows, X