The power of ETF investors in BTC.
In the IBIT ETF chart, we see that a gap indicated by the blue line, i.e., a price gap, has been filled today. This price gap represents the gap in the BTC ETF chart in the American markets following Iran's drone attack on Israel.
On that day, the price briefly dipped below the $60,000 level due to the influence of the open spot markets and then rebounded from there. Today, the $61,000 level was sufficient to fill this gap.
So, what happens next? Firstly, the notion that Hong Kong currently has a significant influence on BTC is widely accepted by the market.
Assuming that the average for ETF investors is pricing BTC at $52,000, there's a belief that downward ETF selling pressure could lead to significant institutional exits below $59,000. At this point, it's important to note that gaps will likely be filled in the same manner if they occur in the downward direction. However, in case of an upward movement, the gaps that form may not necessarily appear as significant losses from the institutional perspective.
Note: What I emphasize about the closure of price gaps is that they need to be filled by the bodies of the candles, not just the wicks.
IBIT
BTCUSDT.P
https://i.hizliresim.com/9v7r6j4.jpg
https://hizliresim.com/9v7r6j4
On that day, the price briefly dipped below the $60,000 level due to the influence of the open spot markets and then rebounded from there. Today, the $61,000 level was sufficient to fill this gap.
So, what happens next? Firstly, the notion that Hong Kong currently has a significant influence on BTC is widely accepted by the market.
Assuming that the average for ETF investors is pricing BTC at $52,000, there's a belief that downward ETF selling pressure could lead to significant institutional exits below $59,000. At this point, it's important to note that gaps will likely be filled in the same manner if they occur in the downward direction. However, in case of an upward movement, the gaps that form may not necessarily appear as significant losses from the institutional perspective.
Note: What I emphasize about the closure of price gaps is that they need to be filled by the bodies of the candles, not just the wicks.
IBIT
BTCUSDT.P
https://i.hizliresim.com/9v7r6j4.jpg
https://hizliresim.com/9v7r6j4
