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Bitcoin Price Targets $70,000 as Investors Rush to ‘Buy the Dip’
Is Bitcoin on the Verge of Breakout?
Today, Bitcoin prices has been steadily rising, trading just below critical levels due to the falling dollar and rumors of a potential Federal Reserve interest rate cut. Bitcoin rose 0.1% over the past 24 hours to $69,049.3. However, it remains to be seen whether the cryptocurrency can consistently sustain values above $70,000.
Inflows of digital assets 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 total inflows for May to an impressive $2 billion.
After a period of sustained outflows through April, recent inflows suggest that sentiment towards cryptocurrencies has recovered. Despite this, daily turnover and total trading volumes for cryptocurrency investment products remain low.
Market dynamics are changing!
Selling by long-term holders has been a major cause of Bitcoin’s decline since March, but blockchain data proves it Bitfinex indicates that this trend has stopped, with investors now buying BTC.
Cryptocurrency price trends
On Monday, Bitcoin (BTC) momentarily surpassed $70,000 for the first time in a week, before returning to its usual trading range and resuming a sideways trend.
On the other hand, Ethereum (ETH) remained stable, fluctuating between 3,700 and 3,800 dollars. The Securities and Exchange Commission’s (SEC) approval of Exchange Traded Funds (ETFs) that track Ether has directly led to an increase in capital inflows for Ether.
Upcoming events to look out for
The upcoming Federal Reserve meeting and the release of key inflation statistics next week could have a significant impact on market volatility. Furthermore, Australian Monochrome Bitcoin ETF (IBTC). will begin trading on the Cboe Australia stock exchange today.
Bitcoin technical analysis
Swissblock, a cryptocurrency analytics firm, noted strong resistance for Bitcoin between $70,000 and $73,000. Short-term pullbacks are viewed as buying opportunities, with the $67,000 level proving to be reliable support.
At the moment, the price of Bitcoin is at $69,080, marking an increase of 0.3% in the last 24 hours, with a market capitalization of $1.35 trillion.
Are you betting on continued growth of Bitcoin or do you see a correction coming?