The price of Bitcoin (BTC) has encountered a slight resistance around $110,300 over the past three days. This flagship coin has shown a short-term bearish sentiment, coinciding with the recent trade agreement between the United States and China.
Following a period of significant hype in recent weeks, the conclusion of the U.S.-China tariff talks has sparked a sell-the-news reaction in Bitcoin. As a result, the BTC price dropped by more than 1 percent in the last 24 hours, trading at approximately $108,728 on Wednesday, June 11, during the mid-North American session.
Key Bitcoin Fundamental Aspects to Consider Before the End of this Week
U.S PPI Data on Thursday
U.S. President Donald Trump has been urging the Federal Reserve to lower interest rates to align with the European market. On Wednesday, the Bureau of Labor Statistics reported lower-than-expected inflation through the CPI data.
On Thursday, the same agency will release the PPI data, which indicates the price changes of finished goods and services over time. With the FOMC statement scheduled for next week, Bitcoin’s price is likely to see increased volatility.
U.S. Spot BTC ETF Cash Flow
The U.S. Spot Bitcoin ETF issuers have played a significant role in supporting the BTC network over the past year. As previously reported by Coinpedia, U.S. spot BTC ETFs have emerged as the fastest-growing investment vehicle in the 21st century, currently holding total net assets of approximately $132 billion.
On Tuesday, BlackRock’s IBIT led in net cash inflow of around $336 million, followed by Fidelity’s FBTC with a net cash inflow of about $67 million.
What’s Next for BTC Price Action?
On a weekly basis, the overall bullish sentiment for BTC price is evident, especially following a strong rebound from the support level around $103k in the last two weeks.
On the hourly timeframe, BTC price has been losing its bullish momentum since reaching a local high of around $110,300 earlier this week. The 1-hour Relative Strength Index (RSI) is showing a bearish divergence. With the MACD line potentially crossing below the zero line and increasing bearish histograms, Bitcoin’s price is likely to face further short-term bearish sentiment in the days ahead.
Nevertheless, the support level established around $108.7k may hold in the coming days amidst significant news events, potentially triggering a fresh rally towards a new all-time high above $112k.
