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Bitcoin Bulls Could Take BTC To $67,000 With Buying Pressure
Bitcoin (BTC), the world’s most popular cryptocurrency, has managed to recover slightly from last week’s losses, breaking above the $63,000 mark over the weekend. Due to the low prices, there has been a gradual increase in buyer interest in BTC lately and it is widely believed that if Bitcoin Bulls can maintain the buying pressure, BTC could reach the $67,000 mark later this week. It remains to be seen whether buyers remain interested or not.
Before proceeding further, readers should note that the cryptocurrency market in general and coin prices are extremely volatile by nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is intended to help investors stay abreast of the current market scenarios and the biggest events that have already taken place, as well as some upcoming events that are worth noting. Investors are advised to do their own research before making any decisions.
Cryptocurrency prices in the last week
Last Monday (June 24), the total cryptocurrency market capitalization was $2.29 trillion. BTC price was around $62,582.10, ETH price was around $3,400.
A week later, the overall market capitalization fell to $2.29 trillion.
Discover the best cryptocurrency prices today
The total volume of DeFi is $3.86 billion, which is 7.16 percent of the total market volume in 24 hours. In the case of stablecoins, the total volume is $49.84 billion, which is 92.54 percent of the total market volume in 24 hours. According to CoinMarketCap, the overall fear and greed index of the market stood at “Neutral” with 49 points (out of 100).
At the time of writing, BTC dominance was 53.61%.
Over the last seven days, Bitcoin has reached a high of $63,397.98 (on July 1) and a low of $60,025.31 (on June 29).
Ethereum, on the other hand, recorded a high of $3,512.43 (July 1) and a low of $3,333.86 (June 26).
Cryptographic Events to Note
The Digital Chamber (TDC) has asked the U.S. Securities and Exchange Commission (SEC) to stop what it describes as unjustified enforcement actions against the cryptocurrency industry. This request follows the SEC’s recent legal move against Consensys, a well-known blockchain technology company.
TDC argues that the SEC’s aggressive approach is stifling innovation and impeding progress in the financial technology landscape. The chamber believes that such actions are not only excessive, but also detrimental to the broader goals of innovation and financial inclusion.
Additionally, Dave Portnoy, the well-known founder and owner of Barstool Sports, advised investors to prioritize bitcoin when considering cryptocurrency investments. Reflecting on his own experiences in the volatile cryptocurrency market, Portnoy shared insights into the lessons he has learned.
“I learned that the hard way,” Portnoy noted, alluding to the challenges he faced with previous investments in various cryptocurrencies. His experiences have led him to place greater trust in Bitcoin as a more reliable option.
Portnoy also mentioned his plans to increase his bitcoin holdings, especially if there is a significant drop in its price. This strategic move underscores his confidence in bitcoin’s potential as a strong long-term investment.
Finally, Steno Research, a leading firm specializing in macroeconomics, geopolitics, and cryptocurrency analytics, has released a bold prediction about the future of Ether (ETH). According to their latest insights, the planned launch of an Ether spot ETF in early July could push the cryptocurrency to $6,500.
This optimistic projection from Steno Research exceeds the expectations of many leading analysts. The firm suggests that the introduction of Ether ETFs could attract substantial investment, potentially leading to up to $20 billion in inflows this year. This influx of capital is expected to significantly boost Ether’s market performance.
What Cryptocurrency Traders Are Saying About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin is seeing increased buying interest at lower levels, which indicates renewed interest. If Bitcoin bulls can generate enough buying pressure to break out of the current sideways move, BTC could potentially reach $67,000 this week.
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Disclaimer: Cryptocurrency products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any investment. Cryptocurrency Market forecasts are speculative and any investment made will be at the sole risk and cost of the readers.