0
0
Bitcoin Surpasses $70,000 Mark, Eyes New All-Time Highs
Bitcoin ($BTC) has achieved a significant milestone by surpassing the $70,000 mark. As of now, it is trading well above $71,000, specifically at $71,156.02. This surge represents a 0.29% increase in the last 24 hours and a remarkable 4.72% growth over the past 7 days. Notably, Bitcoin has experienced a substantial surge of 11.97% in just one month.
Various factors contribute to this bullish trend, with whale activity standing out prominently. Large investors have demonstrated strong confidence in Bitcoin, accumulating nearly 70,000 BTC tokens within the span of 30 days. This accumulation amounts to approximately a billion-dollar margin, indicating that long-term holders are once again willing to take risks as their appetite for the cryptocurrency grows. This influx of institutional investment has propelled BTC’s market cap by 0.30%.
Despite a slight 2.47% decline in the 24-hour trading volume, overall market sentiment remains bullish. The Fear & Greed Index currently assigns Bitcoin 77 points, placing the token in the ‘Greed’ category. Volatility seems to be stabilizing around 4.67%.
Future Price Predictions and Market Outlook
Short-term projections suggest that Bitcoin could reach a value of $79,889 within the next 5 days and potentially surge to $90,146 within the next 30 days, marking a substantial 27.42% increase. Notably, these predictions hint at the possibility of Bitcoin achieving a new all-time high in the coming weeks. With 15 days of positive trading out of the last 30, the flagship cryptocurrency currently boasts a 14-day RSI of 63.33. Additionally, the 50-day SMA and the 200-day SMA stand at $65,133 and $54,564, respectively.
Factors Driving Bitcoin’s Growth
Aside from whale activity, the purchase of Bitcoin from Spot ETFs and the influx of large investors have significantly contributed to Bitcoin’s upward trajectory. Spot Bitcoin ETFs have been experiencing continuous inflows for 18 consecutive days, with a total net inflow of $218 million recorded as of June 06, 2024, in the US market alone. Moreover, the influx of large investors has injected $1 billion into the market, underscoring the increasing interest in cryptocurrency.
The market is abuzz with speculation surrounding the potential launch of an Ether ETF. The US SEC has approved 19b-4, paving the way for registration forms to be greenlit soon, enabling public platforms to launch the product and allowing traders and investors to participate. While a definitive timeline remains uncertain, the SEC is expected to exercise caution before approving Ether (ETH) ETFs.
If approved, the Ether ETF could open doors for additional crypto ETFs to enter the market. Among the highly anticipated tokens are XRP and SOL, with SOL potentially making its debut before XRP or ETH.
As Bitcoin maintains its dominance in the crypto market at 53.2%, the collective market cap stands at $2.63 trillion, supported by a robust 24-hour trading volume of $75.04 billion.
Image/Photo credit: source url
