Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst

Bitcoin remains volatile at spot rates. Despite the spectacular recovery yesterday, August 1, the downtrend remains, at least for now. Specifically, looking at the candlestick arrangement in the daily chart, there could be more growth once prices break $70,000. Before then, traders are closely monitoring price action aware that there could be more losses, pushing the coin below $60,000. Amid this, some analysts are bullish in the long term, ignoring short-term price volatility. Bitcoin Remains Bullish Despite Recent Price Drops In a post on X, Willy Woo, an on-chain analyst, said that though bears might succeed in the short to medium term, unwinding gains and progress made in the first half of the year, the path of least resistance in the long term remains northward. Related Reading: Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5 As on-chain data reveals increased movement among long-term holders (LTHs), shifting coins to top exchanges could heap more pressure on prices. Even so, Woo thinks that in the years to come, Bitcoin could range between $700,000 in the lower level and as high as $24 million, assuming it finds maximum adoption. The analyst said this bullish prediction is primarily based on the bullish assumption that Bitcoin would capture anywhere between 3% and 100% of the global wealth, which stands at over $500 trillion. Woo says the lower limit, 3%, is the upper bound of the recommended exposure laid out by Fidelity for institutions seeking to invest in the world’s most valuable coin. If most institutions allocate just 3% of their portfolio to Bitcoin via derivatives as spot ETFs, the probability of the coin soaring to $700,000 will be high. On the other hand, assuming everyone chooses to move their wealth to Bitcoin, divesting from the current traditional portfolios and choosing BTC, then the coin will explode to as high as $24 million. This assumption is, even according to Woo, improbable but cannot be discounted. BTC Is Transitioning, Spot ETFs Crucial For Growth Woo, in the post on X, said at spot rates, Bitcoin is in a transition. Looking at adoption charts, the coin is moving from the early to late majority adoption. Though in the nascent stages, a successful, hitch-free evolution will be crucial in driving prices even higher. Related Reading: Why XRP Price Wont Skyrocket After Ripple-SEC Ruling: Crypto Pundit The key driver and catalyst of adoption in this vital stage will be the adoption of spot Bitcoin ETFs. Since the United States Securities and Exchange Commission (SEC) approved this derivative product, one analyst has picked a direct correlation between bullish swings and inflows into spot ETFs. For this reason, how institutions perceive BTC and allocate funds will be critical. Feature image from Canva, chart from TradingView

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Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs

Despite the muted performance of Bitcoin in recent months, the 13-F filings for the spot exchange-traded funds (ETFs) paint a bullish picture for the BTC price. Bitwise Chief Investment Officer (CIO) Matt Hougan has shared a recap of the three most interesting takeaways from the Q2 filings via X. His findings underscore a growing and sustained institutional interest in Bitcoin, pointing towards an bullish outlook. #1 Increased Institutional Bitcoin Adoption Hougan highlights an impressive rise in institutional engagement with Bitcoin ETFs during the second quarter of the year. He reported, “I count 1,924 holder<>ETF pairs across all 10 ETFs, up from 1,479 in Q1. That’s a 30% increase; not bad considering prices fell in Q2.” This data suggests that institutional investors are increasingly viewing Bitcoin as a viable asset class, even amidst price declines, indicating a long-term commitment rather than speculative short-term plays. Related Reading: Unveiling The Strategic Advantages Of A Bitcoin Reserve For The US Economy Hougan concludes, Of course, this does not mean 1,924 institutions own bitcoin ETFs; some investors report positions in multiple ETFs. But that “double-counting” aspect is equally true of the Q1 and Q2 numbers, so the percentage increase is still telling. My takeaway: Institutional investors continued to adopt bitcoin ETFs in Q2. The trend is intact. #2 Institutional Investors Are HODLers The holding patterns within these filings reveal that a substantial portion of institutional investors remained committed to their Bitcoin ETF holdings, reflecting a resilient stance against the market’s volatility. “Among Q1 filers, 44% increased their position in bitcoin ETFs in Q2, 22% held steady, 21% decreased their position, and 13% exited,” said Hougan. These figures are particularly telling because they demonstrate that more than two-thirds of the institutions either maintained or increased their exposure to Bitcoin ETFs during a period of significant price fluctuations. Hougan interprets this data as a sign that institutional investors possess “diamond hands,” a colloquial term used within the community to describe holders who do not sell their holdings despite pressure or market downturns. Related Reading: Bitcoin Price Set To Surge With $2.5 Billion Stablecoin Inflows: Research Firm Hougan added, If you thought institutional investors would panic at the first sign of volatility, the data suggest otherwise. They’re pretty steady. #3 Broad Investor Base The analysis by Hougan also highlights the diverse array of investors participating in Bitcoin ETFs. Major hedge funds like Millennium, Schonfeld, Boothbay, and Capula are prominently featured among the top holders. However, the presence of advisors, family offices, and other institutional investors such as the State of Wisconsin is particularly notable. “ETFs are a big tent that attract a wide variety of investors. It’s kind of great to see Millennium nestled up against the State of Wisconsin in these ETF filings. Over time, I’d like to see wealth managers and pensions account for a growing share,” Hougan remarked. Yesterday it became public that the Wisconsin Pension Fund has increased its Bitcoin ETF holdings. In an SEC filing, the State of Wisconsin Investment Board reported owning 2,898,051 shares of the iShares Bitcoin Trust as of June 30 (worth $98.9 million as of that date). This is an increase from the 2,450,400 shares Wisconsin had previously reported in May. At press time, BTC traded at $58,035. Featured image created with DALL.E, chart from TradingView.com

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Bitcoin Traders Cautious Despite Massive Stablecoin Inflow: Whats Next For BTC?

Bitcoin buyers might be upbeat after the uptick on August 8. While traders are waiting for a conclusive close above $63,000, confirming bulls of the second half of last week, on-chain data points to risk and traders staying on the sidelines. Traders Cautious: Will The Bitcoin Consolidation Continue? Taking to X, one on-chain analyst said. [...]

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Analyst Says Solana Will Go Ballistic In The Mania-Like Stage, Targets $600

Solana is one of the top performers in the top 10, looking at the performance over the last year of trading. After plunging to around $8 after the collapse of FTX, prices went on to recover steadily throughout 2023 before rising to as high as $210 in March 2024. Is SOL Ready For The “Mania-Like [...]

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Bitcoin Trending Below Crucial Support: Do BTC Bulls Have What It Takes?

Based on the formation in the daily chart, Bitcoin is at a critical point, price-wise. As the battle between bulls and bears progresses, it is clear that sellers have the upper hand for now despite the recent price stability. BTC Prices At A Crucial Price Level: Will Bulls Take Over? As BTC bulls attempt to reverse losses posted last week, one analyst, citing technical candlestick formation and the reaction at the 200-day moving average, thinks how prices react for now will be consequential in the coming days. In a post on X, the analyst noted that the coin dipped and closed below the 200-day moving average following last week’s losses. This formation was crucial. Over the months, this dynamic line had acted as critical support, anchoring buyers throughout the last bull cycle from October through mid-March. The rally was sustained, and though the level was not retested until late June, when prices were weak across the board, the break last week was decisive. Related Reading: If History Repeats, Bitcoin Price Could Crash 33% Again: Heres Why While bearish, the analyst acknowledged that last week’s break was clear. However, as it is, there is hope for bears because there has been no confirming bear bar. For this to happen, prices must break below $56,500 and sink below $53,500, marking last week’s low. When this happens, it will be official that bears are back, and sellers will likely continue pushing lower in a bear trend continuation formation. If Bitcoin is to turn around, it is imperative that prices reject last week’s losses and break higher, closing above the 200-day moving average. This recovery will be the bullish signal that may mark the start of a leg up, resuming the uptrend of Q1 2024. For now, traders are watching the psychological line at $60,000 and, ideally, the close above $66,000. In that event, Bitcoin might find the momentum to retest $72,000–an important liquidation level. Eyes On Spot Bitcoin ETF Inflows Even amid the optimism, traders are closely watching inflows to spot Bitcoin exchange-traded funds (ETFs), especially in light of the sustained dump by the German government. The sell-off has been heaping more pressure on BTC, capping gains, and deflating the upside momentum. If sellers are persistent and mirror recent trends, there could be more blood, and spot Bitcoin ETF issuers might register outflows. Related Reading: Can Solana Hit $160? SOLs Resilience Sparks Rally Optimism In the past few weeks, especially in June, when prices fell, BlackRock, Fidelity, Grayscale, and other top issuers posted outflows, accelerating the downtrend. Feature image from DALLE, chart from TradingView

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Bitcoin Crashed Below $55,000 But Traders Are Not Fearful, Why?

As Bitcoin faces strong headwinds, breaching two critical support levels at $60,000 and $56,500 in quick succession, it may, on the surface, appear that fear is gripping the market. There are reasons to be afraid, especially for coin holders leveraging BTC in decentralized finance (DeFi) protocols, looking to take out loans using the asset as [...]

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Bitcoin traders back in profit even as price slows alongside spot BTC ETF inflows

Despite this weeks Bitcoin price sell-off, the rally to $68,000 put short-term traders back in profit and onchain metrics remain bullish.

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Will Bitcoin Beat The Odds And Fly To $300,000 By 2025?

At press time, Bitcoin is within a bullish formation and firm, rejecting attempts for lower lows despite slumping by roughly 20% in June. Though there is hope that prices will trend higher in June, one analyst thinks BTC is walking on a tightrope. For buyers to take over, it means BTC will defy its historical trends observed in the last five years by printing green by September. Will Bitcoin Beat The Odds? Price data aggregated over the past five years paints a concerning picture for Q3 2023. In a post shared by one analyst, historical data shows that Bitcoin often dips in Q3, posting an average return on investment (ROI) of -5.21%. If this sets precedence, then it means that though BTC is firm when writing, the coin will most likely end up in losses below current rates. Related Reading: Dogwifhat Targets New Peaks As WIF Exceeds $2.1 Resistance Level Looking at price charts, it is evident that buyers are in control, primarily because of Q1 2024 gains. Then, prices soared to all-time highs before correcting, dropping to $56,800. Even though this line has not been broken, bulls have been struggling for momentum as bears have been unrelenting, forcing prices lower on numerous occasions. BTC To $300,000? On-chain Activity And Institutional Adoption Rising Despite the historical bearish trend in Q3, some analysts remain optimistic. Considering X, one analyst thinks BTC will fly to as high as $300,000 by 2025 based on the “power law” theory. This prediction is almost 5X from spot rates, an overly optimistic prediction. Under the “power law” theory, the analyst said fundamentals play a crucial role. When a predictable growth pattern for Bitcoin based on its network activity is factored in, then the only way forward, the analyst said, is up. To further support this outlook, the analyst said Bitcoin prices have followed the power law for over a decade. It means the coin’s intrinsic value is independent of market hype.   Beyond this, several other metrics support the potential for continued growth. For instance, IntoTheBlock data reveals that the number of active Bitcoin addresses continues to rise, reaching levels not seen since mid-April. Related Reading: WIF, BRETT, and BONK Surging Meme Coin Presales Destined For Huge Gains An ETF analyst, Eric Balchunas, said inflows to spot Bitcoin exchange-traded funds (ETFs) remain strong despite recent price dips. This means that investors expect prices to trend higher despite short-term price fluctuations. As institutions pour in on spot Bitcoin ETFs, other data also show that the top 25 hedge funds in the United States now hold BTC in their portfolios. Feature image from DALLE, chart from TradingView

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Bitcoin price soars above $66K as crypto market momentum ramps up

Bitcoins price surged to a new one-month high near $67,000 as a variety of bullish factors converged to push cryptocurrencies higher.

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Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000?

Bitcoin is in an uptrend, but events in the daily chart show pockets of weakness. Though BTC is stagnant, analysts are upbeat, expecting prices to rise in the days to come. Is Bitcoin Ready To Rip Higher: Analyst Says Bulls Are Eyeing $140,000 Taking to X, one analyst has picked out an unusual development: In the weekly chart, the Bitcoin Bollinger Bands (BB) is currently at their tightest level in history. Besides April 2016 and July 2023 events, the Bitcoin BB is tightening, forming a squeeze. Related Reading: Solana Price Could Eclipse $1,400 As Massive Bull Flag Emerges Since BB is a technical indicator used to gauge underlying volatility, what’s happening now should draw traders’ attention. Specifically, prices tend to explode within the next few sessions whenever BB forms a squeeze, compressing to what is now. However, traders should also know that the direction of breakout can be in either direction. In the past, Bitcoin prices rose higher. To illustrate, after the BB squeeze in July, the coin went on to fly in the coming months, breaking $70,000 by March before the coin rose to $73,800. If the past guides, and indeed, prices explode at the end of this squeeze, the analyst predicts Bitcoin flying to $140,000 and even $190,000 in the next few months.   The expansion would be a welcomed boost for bulls, considering that prices are now in what the analyst described as a “boring zone.” Any uptick above $73,800 and all-time highs, pushing BTC to six-digit levels, would automatically be in the “banana zone.” Spot BTC ETF Issuers On A Buying Spree, Donald Trump’s Endorsement The confidence that Bitcoin will rip higher is also due to fundamental factors. Despite the current price lull after the refreshing surge earlier this week, spot Bitcoin ETF issuers are buying. BlackRock is spearheading this buying spree. Records show that the asset manager bought over $1 billion of BTC in July. On July 18, one observer noted that they bought 18,600 BTC, or $107 million worth of the coin, on behalf of their clients. According to SosoValue, as of July 19, BlackRock’s IBIT manages over $20 billion worth of BTC. Related Reading: Mass Exodus? Over 672,000 Bitcoin Holders Drop Out Amid Market Shifts Moreover, adding fuel to the fire, it is speculated that if Donald Trump wins the United States presidency, his administration might consider BTC a strategic reserve. While this possibility is debatable for now, it highlights the growing interest from policymakers, which is a massive boost for crypto. Feature image from DALLE, chart from TradingView

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Bitcoin traders forecast splendid bullish price action now that BTC is above $65K

Multiple Bitcoin price metrics point to an incredibly bullish post-halving growth trajectory.

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Binance Bought A Whooping 41,000 BTC During The Dip: Did They Save The Bitcoin Market?

Bitcoin is moving sideways at press time, absorbing the wave of selling over the last week. Even though there are some optimists, the candlestick arrangement in the daily chart points to weakness. This preview, at least from a technical angle, remains as long as prices trend below the round number of $60,000 and the liquidation level at around $66,000. Binance Bought The Bitcoin Dip Amid the recovery, one analyst, pointing to interesting on-chain data, observed that when prices fell last week, some unnamed exchanges were loading up the dip. It is now emerging that Binance, the world’s largest exchange by client count, was actively accumulating. CryptoQuant data shows that Binance increased its reserves by 41,000 BTC over the last bear run when prices corrected from $72,000. Buying on dips is strategic, considering the exchange’s obligation, especially for users seeking to convert other tokens for BTC on the fly instantaneously. Related Reading: XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands Ever: Analyst During this time, Ki Young Ju also noted that “permanent holders,” entities who tend to HODL and not move coins, have been accumulating. These addresses, excluding spot Bitcoin exchange-traded fund (ETF) issuers, exchanges like Binance and Coinbase, or miners, added 85,000 BTC in the last month. During this time, spot Bitcoin ETF issuers decreased their holding by 16,000 BTC. While some entities were scrambling for the exits, others saw this as an opportunity to double down, loading on every retracement. Their involvement has helped stabilize prices, improving sentiment shredded after last week’s dump to as low as $53,500. German Government Offloading More BTC Even as the “diamond hands” buy the dip, the German government is not stopping; looking at Arkham Intelligence data. Today, on July 11, they moved another 3,250 BTC, on top of the 5,627 sent earlier, to multiple market makers and exchanges, including Bitstamp. Their decision to sell is heaping more pressure on the coin, slowing down the uptrend. Even amid sustained outflows from the German government, a Coingecko survey shows that most respondents, especially investors, are upbeat. Related Reading: Filecoin Boom Incoming? Market Optimism Fuels Cryptos Next Breakout Star Meanwhile, traders and speculators have mixed sentiments. While 39% of traders are upbeat, expecting prices to recover, another 33.5% of those surveyed are bearish. Most speculators, or 42.4% of those surveyed, are bearish, expecting prices to continue tanking. Feature image from DALLE, chart from TradingView

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Bitcoin price faces major summer of 2021 style correction despite BTC whale buying

Bitcoin whales have become accumulators again, but analysts say BTC is still at risk of another sharp correction.

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Bitcoin ETFs Witness 18 Straight Days Of Inflows, Options Traders Eye $100,000

US spot Bitcoin ETFs have experienced a noteworthy streak of net inflows for 18 consecutive days, contributing to the upward momentum of the leading cryptocurrency as it inches closer to its all-time high levels set in March.  According to Bloomberg data, these ETFs, managed by some of the world’s largest financial institutions, have attracted net subscriptions of $15.6 billion since their launch on January 11, bringing total assets under management to a substantial $62.3 billion. Record-Breaking Demand For Bitcoin ETFs According to Bloomberg, the success of Bitcoin ETFs introduced by BlackRock and Fidelity Investments has made them some of the most successful launches in the ETF sector’s history.  These products have significantly influenced the center of gravity for cryptocurrency investments, shifting it from Asia to the United States. Related Reading: Buy Now, Crypto Bull Market Returns, Says Arthur Hayes Sean Farrell, Head of Digital Asset Strategy at Fundstrat, noted the significant inflows into spot Bitcoin ETFs and highlighted that the macroeconomic environment favors the cryptocurrency market. Economic growth is advancing at a “non-recessionary pace” and signs of disinflation persist. Recently, BlackRock’s iShares Bitcoin Trust, with $21.4 billion in assets, became the world’s largest Bitcoin fund, surpassing Grayscale’s $20.1 billion Bitcoin trust (GBTC). On the other hand, the Fidelity Wise Origin Bitcoin Fund (FBTC), with $12.3 billion in assets, currently holds the third position. The US Securities and Exchange Commission (SEC), which had been cautious about digital assets, reluctantly permitted spot Bitcoin ETFs in January due to a court reversal in its lawsuit against Grayscale in 2023.  Although the SEC remains critical of the digital asset industry’s compliance with regulations, recent efforts in Congress to establish clearer legislative frameworks for cryptocurrencies have gained momentum. BTC Options Traders Target $100.00 In addition to the Bitcoin ETF inflows, options traders are increasingly optimistic about Bitcoin’s future. Open interest is concentrated on call options with strike prices of $75,000, $100,000, and $80,000.  Luuk Strijers, CEO of Deribit, the largest crypto options exchange, noted the bullish sentiment in the BTC options market. Traders anticipate new all-time highs, driven by strong Bitcoin ETF flows, expectations of US interest rate cuts, the European Central Bank’s rate cuts, and the recent approval of an ETH ETF. Related Reading: Bitcoin Coinbase Premium Index Has Turned Positive At 0.006, Why This Is Important While Bitcoin experienced a minor retreat from its record high of $73,700 set in March, renewed inflows into Bitcoin ETFs and expectations of interest rate cuts have reignited optimism among traders. Call options expiring in late June and December are particularly active, indicating a positive short- and long-term outlook. As of press time, the largest cryptocurrency on the market has successfully consolidated above the $70,000 milestone. Its gains over the past seven days amount to 5%, favoring the price of BTC and resulting in a current value of $71,320.  Featured image from DALL-E, chart from TradingView.com

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Bitcoin ETF flows will send BTC price into parabolic run, traders say

BTCs price remains steady above $69,000; analysts say increased spot Bitcoin inflows could take the price higher.

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VC Lists 2 Reasons Why Bitcoin Is Still Trending Below $100,000

Bitcoin traders are upbeat, confident that bulls have more legs to push prices above $72,000 and all-time highs. While the excitement about what lies ahead is primarily due to the mass inflow into spot Bitcoin exchange-traded funds (ETFs), Charles Edwards, the founder of Capriole Investments, has picked out multiple factors capping the current uptrend to $100,000. Here’s Why Bitcoin Is Still Trading Below $100,000 In a post on X, Edwards said several factors combine to suppress gains. However, most relate to a tussle between new institutional money and a wave of long-term holder selling. Roughly six months after the first batch of spot Bitcoin ETFs were approved by the United States Securities and Exchange Commission (SEC), billions continue to flow to these derivative products. Related Reading: Injective (INJ) Price Set To Skyrocket 33% On Classic Bullish Signal: Crypto Analyst According to Lookonchain, all nine spot BTC ETF issuers in the United States added 6,907 BTC worth over $492 million on June 6. Fidelity added 3,104 BTC, while BlackRock bought 2,186 BTC. Encouragingly, following sharp gains on May 20, institutions have been increasingly buying more BTC, gaining exposure through spot ETFs. Over the past half year or so, Edwards notes that spot Bitcoin ETF issuers in the United States have been aggressively accumulating. So far, they have bought 200% of all BTC mined since their debut in January. What this means is that there is a steady and impressive stream of institutional investment flowing to Bitcoin. BTC prices have been trending higher in response to this development, breaking above 2021 highs and printing fresh all-time highs in March 2024. Related Reading: Crypto On Watch: Will ECB Rate Cut Fuel Bitcoin Rally? Though the uptrend is clear, the pace of expansion is discouraging. Edwards notes that more and more long-term holders are actively selling. Their share of the total supply has been shrinking since the December 2023 peak of 57%, falling to 54%, reducing 630,000 BTC in the process. This figure dwarfs the total holdings of all BTC accumulated by spot Bitcoin ETF issuers in the United States. Spot Bitcoin ETF Inflows, USD Liquidity, And Long-term Holder Behavior Are Key Amid this wait, the founder thinks Bitcoin could still exceed local resistance and rally to $100,000. For this level to be tested, there must be a spike in institutional appetite for BTC, even pushing daily purchases to over $1 billion. Additionally, long-term holders must slow down their liquidation, reducing supply. If this prints out as the M2 money supply in the United States increases, the coin could surpass expectations, breaking out from the current range. Feature image from DALLE, chart from TradingView

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Bitcoin Approaching All-Time Highs: Why Is Retail Interest Rapidly Declining?

Bitcoin is in an uptrend and will likely breach the all-important liquidation line at $72,000. At the spot rate, the coin is up approximately 25% from May lows and may rally, even breaking all-time highs of $73,800. Retail Interest In Bitcoin Falling Even As Prices Approach All-Time Highs Even as Bitcoin prints impressive higher highs, Mike Alfred, a “value investor” and an active crypto commentator, has identified a surprising disconnect: organic search engine traffic on Google is dropping. Apart from the spike in search from Q4 2023 till early January 2024, the trend has been southwards since then. The upswing in organic searches on Google during this period is primarily due to the United States Securities and Exchange Commission (SEC) preparing to approve the launch of spot Bitcoin exchange-traded funds (ETFs). Related Reading: Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump The excitement ahead of this milestone and the multi-year wait not only saw BTC prices rally but also improved sentiment. Subsequently, more people, mostly new to the industry, were eager to learn more about the digital asset. The rally from Q4 2023 has not fizzled and continues to spot rates. Bitcoin dipped in February before bouncing sharply, breaking $70,000 and printing new all-time highs at $73,800. Even though prices fell weeks later, dipping to as low as $56,500 in May, bulls are preparing to take higher prices. However, unlike the interest seen from Q4 2023 through early January 2024, organic searches, as mentioned, are unusually falling. Alfred argues that this divergence points towards an “institutionally driven bull market” and still “early.” In the past, and before the approval of spot Bitcoin ETFs, retailers played a big role in driving price and sentiment. However, institutions are in play with the products available in the United States. One observer notes that these market participants tend to exhibit “committed ownership,” negating the need for constant online searches. Encouragingly, the absence of retailers in this cycle–extending from the search in organic searches–signifies a drop in speculative buying. Subsequently, in the current state, the Bitcoin market is more liquid and stable than before. Increasing Awareness, Affordability A Reason? There are several explanations behind the drop in organic searches on Google and other search engines. Though institutions might be behind the rally, the decline is because the general awareness of Bitcoin has rapidly grown over the years. Of note, the availability of spot Bitcoin ETFs and widespread media coverage have boosted the coin’s recognition. Related Reading: Beyond BTC: Crypto Miners Get Brainy, Embrace AI After Block Reward Whacking Besides this, there is another aspect of affordability. With the price hovering around $71,200, purchasing a whole Bitcoin is out of reach for many. In return, this dampens retail investor enthusiasm, leading them to consider cheaper altcoins like Dogecoin or Solana. Feature image from Shutterstock, chart from TradingView

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Bitcoin Will Explode If Bulls Break The Fuse At $72,000

Bitcoins price has risen roughly 2% in the past 24 hours, trending above $70,000, a psychological level. As bulls prepare for more gains, Willy Woo, an on-chain analyst, believes the coin could soar even higher after breaking above the all-important resistance level at $72,000. Will Bitcoin Soar To $75,000 Due To A Short Squeeze? Even [...]

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Bitcoin Ready To Takeoff? Analyst Eyes $85,000 as Fundamentals Align

Bitcoin prices are hovering near $70,000, bouncing from a critical dynamic support line, evident in the daily chart. Even though bulls have yet to breach $72,000 and break above March 2024 highs, traders are optimistic about what lies ahead. Bitcoin Bulls In Charge: Analyst Targets $85,000 Taking to X, one analyst believes the world’s most valuable coin is preparing for a decisive breakout above the local resistance levels and all-time highs at around $74,000. In a post, the analyst notes that Bitcoin has been consolidating, moving sideways and even lower for the past three months since mid-March. Related Reading: Crypto Analyst Predicts Massive Solana Price Crash Using Elliott Waves If buyers succeed, the near 100-day consolidation could set the base for prices to spike, ushering a “next leg higher” that would likely take BTC to $85,000. Still, even amid the optimism, traders should be cautious.   Technically, the upside momentum has been fizzling. Even with gains on June 3, buyers’ failure to confirm the gains of May 20 is slowing down the uptrend. So far, the $72,000 level on the upper hand must be conquered for any hopes of further gains. On the lower end, support lies at $66,000.   Even so, the dynamic 20-day moving average is emerging as a worthy support. Any breakout in either direction, most preferably in alignment with Q1 2024 gains, would be fundamentally driven. Inflation, Spot BTC ETF Inflows Fanning Demand Looking at fundamental data streaming from the United States, the stage is being set for optimistic buyers. Cooling inflation and the uptick in M2 money supply could hint that buyers are getting ready. The United States Federal Reserve has closely monitored inflation, among other metrics. With inflation dropping, the Fed may decide to slash interest rates, fueling a bull run like it did in 2021. Related Reading: Bitcoin Gets Massive $500,000 Price Tag From Billionaire, Heres Why Other key drivers would include the encouraging flow into spot Bitcoin ETFs. As BTC soared to register March 2024 highs, inflow spiked, driven chiefly by institutional demand. After prices broke higher on May 20, inflows have picked up momentum. On June 3, Lookonchain data revealed that spot BTC ETF issuers in the United States added 2,413 BTC. Grayscale’s GBTC reduced just 12 BTC. Launching the Monochrome Bitcoin ETF (IBTC) in Australia and a similar product in Hong Kong and globally will only increase the demand for BTC. The newly launched IBTC spot ETF in Australia will directly hold BTC, which will be under the custody of Coinbase. Feature image from DALLE, chart from TradingView

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Bitcoin Battling Bearish Headwinds: Is The Sell-Off Over?

Bitcoin is struggling to shake off weakness, judging by its performance in the last few trading days. After the dump on June 24, the overall sentiment has been bearish, and sellers will likely double down, wiping gains posted in the last two days. As things stand, the sale of 4,000 BTC by the United States government is a dent for buyers. It comes hours after the German government dumped thousands of BTC early this week, forcing prices to lower. Bitcoin Trending At Oversold Territory One analyst is upbeat even amid this sense of unease across the crypto and Bitcoin markets. Citing formation in the RSI indicator, a tool for gauging momentum, the analyst is convinced prices could recover strongly going forward. Bitcoin is at its lowest overbought level in over 300 days at spot rates. This formation echoes a similar situation in 2023 when prices were stuck below $30,000. Once BTC swung to the oversold territory, prices rebounded strongly, breaking above $50,000 and reaching an all-time high in the coming months through March 2024. Related Reading: Solana Trading Plunges 93% In 24 Hours: Where Did The $100 Billion Go? Thus far, Bitcoin finds itself in the oversold territory after consolidating for roughly three months after peaking in March 2024. Then prices shot to as high as $73,800 before dumping sharply, reaching $56,500 by May 2024. Though prices have recovered, finding another ceiling at $72,000, the path of least resistance in the short term is bearish. Bitcoin is testing its horizontal range’s lower boundary for the fifth time since March. For bulls to take charge, prices must hold above the $56,500 and $60,000 zones for the bullish bias to remain. However, a confirmed breakdown below the range low might see BTC crater dropping to as low as $50,000-$52. Will BTC Bounce Higher? Capital Flow To Spot ETFs Another analyst also expects prices to recover, emphasizing the importance of the bull market support band. Sharing on X, the analyst said this support band has served as a reliable loading zone in the past bull cycle. Related Reading: Cardano (ADA) Faces Further Decline, $0.3389 Support Under Threat Its successful defense in January 2024 offers a positive precedent. With BTC at the same level, the probability of a refreshing bounce is high on the cards, providing a glimmer of hope. Despite the recent price decline and days, if not weeks, of outflows, interest in spot Bitcoin exchange-traded funds (ETFs) is increasing. On June 26, there was $21.5 million into these products. Out of this, Fidelity and Grayscale saw inflows, according to SosoValue data. Feature image from DALLE, chart from TradingView

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