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XRPUSD – Daily Chart Overview

For a comprehensive analysis, refer to our complete XRP forecast linked above.

Bitcoin Advances Amid Israel-Iran Truce Hopes, Boosting Market Sentiment

While XRP experienced a notable rally, Bitcoin (BTC) also saw significant advances, propelled by increasing optimism for a swift resolution to the ongoing Israel-Iran conflict. Despite four consecutive days of military actions, reports indicated that oil supply remained uninterrupted, which alleviated concerns regarding potential spikes in oil-related inflation that could adversely affect central banking policies aimed at easing.

On June 16, WTI crude oil prices experienced a decline of 2.17%, which in turn enhanced the demand for riskier assets. The Nasdaq Composite Index finished the June 16 trading session up by 1.52%, further stimulating market enthusiasm for BTC and the wider cryptocurrency sector. The integration of cryptocurrencies into investment portfolios is becoming more prominent, a trend that has been bolstered by normalized geopolitical tensions.

US BTC-Spot ETFs Extend Inflow Streak, Indicating Potential BTC Breakout

The reduction in anxiety surrounding a drawn-out Israel-Iran conflict significantly contributed to the growing interest in US BTC-spot ETFs. According to insights from Farside Investors, key fund flows recorded on June 16 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC): Reported net inflows of $83.0 million.
• Bitwise Bitcoin ETF (BITB): Experienced net inflows amounting to $41.4 million.
• Grayscale Bitcoin Trust (GBTC) as well as Grayscale Bitcoin Mini Trust (BTC): Recorded combined net inflows totaling $17.6 million.

When excluding the pending flow data for BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), BTC-spot ETF issuers collectively noted total net inflows of $142.0 million, marking an impressive extension of the inflow streak to six consecutive sessions.

Santiment provided commentary on the evolving sentiment toward Bitcoin, stating:

“Bitcoin has surged as high as $108,947, with traders eagerly anticipating another attempt at last month’s all-time high of $112,000. Notably, after three consecutive months of declining whale and shark activity, the BTC network has welcomed 622 additional wallets holding 10 or more BTC in just a shade under four weeks.”

Furthermore, Bitcoin has successfully maintained levels above the significant $100,000 mark since President Trump announced trade negotiations with China on May 8.

BTC Price Forecast: Geopolitical Risks and ETF Flows

On June 16, Bitcoin recorded a gain of 1.18%, building upon a modest 0.08% increase the previous Sunday, ultimately closing at $106,806. The immediate price outlook for Bitcoin is strongly influenced by updates relating to the Israel-Iran situation, relevant legislative developments, the upcoming economic projections from the FOMC on June 18, and the trends in ETF flows.

Potential Market Scenarios:

• Bearish Scenario: The escalation of the Israel-Iran conflict, potential legislative hurdles, signals of a hawkish Federal Reserve, and substantial ETF outflows could combinatively send Bitcoin below the 50-day Exponential Moving Average (EMA), making the $100,000 support level a realistic target.

• Bullish Scenario: Progress towards an armistice in the Israel-Iran conflict, bipartisan consensus on cryptocurrency legislation, a dovish stance from the Federal Reserve, and positive ETF inflows could potentially enable the bullish sentiment to retarget the historical high of $111,917.

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