Bitcoin (BTC) Price Surges to $71k: New All Time High Soon?
The post Bitcoin (BTC) Price Surges to $71k: New All Time High Soon? appeared on BitcoinEthereumNews.com.
TLDR Bitcoin’s price is currently hovering around $71,000, with its average price across 5-day, 30-day, and 50-day periods falling within a tight 5% range, indicating low volatility and the potential for a price breakout in either direction. Bitcoin is currently trading above its three Simple Moving Averages (SMAs), which is a favorable sign for traders and suggests that the moving average could serve as a new support level if the price falls. The recent surge in Bitcoin’s price comes on the heels of massive inflows into US spot Bitcoin ETFs, with the funds collectively witnessing $887 million in net inflows, marking the second-highest such inflow ever recorded. Glassnode data suggests that long-term Bitcoin holders are still holding onto a large portion of unrealized profits, and they could cause heavy selling if Bitcoin reaches a new all-time high. Galaxy Digital CEO Mike Novogratz believes Bitcoin’s risk is skewed to the upside and could end the year at $100,000 if it overcomes the $73,000 all-time high around next week. Bitcoin’s price has been hovering around the $71,000 mark, with traders and investors closely watching for signs of a potential breakout. The convergence of Bitcoin’s average price across three different time frames—5-day, 30-day, and 50-day periods—has fallen within a tight 5% range, signaling low volatility and raising the chances of a significant price move in either direction. Bitcoin BTC Price at Coingecko The recent surge in Bitcoin’s price comes amidst massive inflows into US spot Bitcoin exchange-traded funds (ETFs). Data from HODL15Capital shows that these funds collectively witnessed $887 million in net inflows, marking the second-highest such inflow ever recorded. Leading the charge were the Fidelity Wise Origin Bitcoin Fund with $378 million and BlackRock’s iShares Bitcoin Trust with $275 million. This milestone in ETF inflows marks a significant turning point for Bitcoin,…
Filed under: News - @ June 5, 2024 7:20 am