Bitcoin Price Eyes $70,000 Target as Investors Run to ‘Buy the Dip’
Mustafa Mulla4 Jun 20242 min read
Is Bitcoin on the verge of a breakout?
Today, Bitcoin prices saw a steady increase, trading just below critical levels due to the dollar’s decline and rumors of a potential Federal Reserve interest rate drop. Bitcoin had risen by 0.1% in the last 24 hours to $69,049.3. However, it remains to be seen if the cryptocurrency can sustain values above $70,000 consistently.
Digital Asset Inflows on the Rise
According to data released by CoinShares, a digital asset manager, the last seven days leading up to June 3 saw inflows into digital asset investment products for the fourth consecutive week. This brought May’s total inflows to an impressive $2 billion.
Following a period of prolonged outflows through April, the recent inflows suggest that sentiment toward cryptocurrencies has recovered. Despite this, daily turnover and total trading volumes for cryptocurrency investment products remain low.
Market Dynamics Are Shifting!
Long-term holders’ selling had been a primary cause of Bitcoin’s decline since March, but blockchain data from Bitfinex indicates that this trend has halted, with investors now buying BTC.
Crypto Price Trends
For the first time in a week, Bitcoin (BTC) momentarily surpassed $70,000 on Monday before dropping back into its usual trading range and resuming a sideways trend.
On the other hand, Ethereum (ETH) remained steady, fluctuating between $3,700 and $3,800. The approval by the Securities and Exchange Commission (SEC) of exchange-traded funds (ETFs) tracking Ether directly led to a rise in capital inflows for Ether.
Upcoming Events to Watch
The upcoming Federal Reserve meeting and the release of key inflation statistics next week could significantly impact market volatility. Additionally, Australia’s Monochrome Bitcoin ETF (IBTC) is set to begin trading on the Cboe Australia exchange today.
Bitcoin Techincal Analysis
Swissblock, a cryptocurrency analytics company, noted strong resistance for Bitcoin between $70,000 and $73,000. Short-term pullbacks are being viewed as buying opportunities, with the $67,000 level proving to be a reliable support.
As of now, Bitcoin’s price stands at $69,080, marking a 0.3% increase in the past 24 hours, with a market cap of $1.35 trillion.
Are you betting on Bitcoin’s continued rise, or do you see a correction coming?
