Spot ETH ETFs Fall Flat! Will Bitcoin Price Hit $70K This Weekend?

Bitcoin (BTC) jumped about 4.2% over the past 24 hours, trading above $67,000 during the early Asian session on Friday. This rebound follows a bounce from a key support range between $63,500 and $64,000 on Thursday, suggesting more bullish momentum ahead.

Should we really look forward to something huge? Let’s dive in.

New Highs for BTC Dominance

Bitcoin dominance reached a new high of around 56.67% on Friday, its highest level since mid-April. This rise is partly due to the weak performance of newly approved spot Ether ETFs in the U.S., which has boosted confidence in Bitcoin.

The ETH/BTC weekly chart has fallen below a crucial support level around 0.51, indicating a shift in the market dynamics.

Crypto analyst Benjamin Cowen believes Bitcoin dominance could rise to 60% before a significant market reversal triggers an altseason.

Whales on the Hunt

Amid growing global economic uncertainties, investor interest in Bitcoin and other digital assets is rising. On-chain data from Spotonchain shows that a large whale recently withdrew 1,147 Bitcoins, worth about $75 million, from Binance in the last nine days.

Amid growing global economic uncertainties, investor interest in Bitcoin and other digital assets is rising. On-chain data from Spotonchain shows that a large whale recently withdrew 1,147 Bitcoins, worth about $75 million, from Binance in the last nine days.

Long-term Bitcoin holders are continuing to accumulate despite market ups and downs. Jersey City has announced plans to invest part of its pension fund in Bitcoin ETFs. Meanwhile, Marathon Digital revealed on Thursday that it had bought $100 million worth of Bitcoin as part of its full HODL strategy.

Better Days Are Coming!

Crypto analyst Ali Martinez has noted potential signs of a bullish breakout in Bitcoin’s lower time frames. Martinez pointed out that Bitcoin’s one-hour Relative Strength Index (RSI) has broken out of a downward trend, suggesting positive short-term momentum.

On the daily chart against the US dollar, Bitcoin has consistently closed above the 50 and 200 Moving Averages (MA). If Bitcoin continues to stay above the $68,000 support/resistance level in the coming days, it might move towards $70,000 by the end of the month. However, if it fails to break through $68,000, Bitcoin could face further corrections in August.

Also Check Out: New US Crypto Tax Bill: Donald Trump’s Crypto Pledge and Senate Bill Spark Optimism in the Market

The future of Bitcoin is looking bright. Are you ready to ride the wave?