June 9, 2024
Bitcoin Resurfaces Can It Prevail Beyond $71K
Bitcoin News

Bitcoin Resurfaces: Can It Prevail Beyond $71K?

Bitcoin experienced a sudden surge in volatility on June 5, propelling its price to around $71K. This uptick followed a significant increase in positive two-week exchange-traded funds (ETFs) netflows, reaching a record $886.75 million on June 4, primarily led by Fidelity’s FBTC with $379 million inflows.

Bloomberg analyst Eric Balchunas described the inflows as a “tidal wave,” noting Fidelity’s substantial contributions. He highlighted the notable influx, stating, “Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total.” BlackRock’s IBIT also saw substantial inflows, securing $274 million on Tuesday, with BlackRock holding 291.5K Bitcoins as of June 3, equivalent to over $20 billion.

Bitcoin ETFs’ metric data. Source: SoSo Value

Speculation on Bitcoin’s All-Time High

With encouraging metrics, speculative interest in Bitcoin has reignited. Amidst Bitcoin’s robust performance over the last two weeks, market participants have turned their attention back to the cryptocurrency from memecoins and gaming tokens. Crypto analyst Willy Woo suggested that Bitcoin is poised to surpass its all-time high (ATH), anticipating a breakthrough of $75,000 after hitting $72,000.

Woo explained the potential for a liquidation cascade, stating, “Tapping 72k is the fuse that’s set to start a liquidation cascade.” He highlighted $1.5 billion of short positions ready to be liquidated up to $75,000, potentially leading to a new historical maximum.

Bitcoin (BTC) liquidation heatmap. Source: Willy Woo/Coinglass

Market Analysis and Predictions

HODL15 Capital, an entrepreneur, and analyst, supported the notion of Bitcoin reaching $74,000 due to the “lack of sell walls” on order books across major exchanges. However, achieving this price level is contingent upon various conditions.

Market analyst RektCapital emphasized the importance of Bitcoin turning the $72,000 resistance into support to enter a parabolic phase of the bull cycle. He stated, “Bitcoin just needs to break this final major resistance area (red) to enter the Parabolic Phase of the cycle.”

BTC/USD 1D chart. Source: RektCapital

Conclusion: Anticipation Surrounds Bitcoin’s Price Movement

As Bitcoin continues to exhibit volatility and attract significant attention from investors and analysts, anticipation grows regarding its potential to reach new price milestones. The influx of institutional investment through ETFs, coupled with positive market sentiment and technical analysis, suggests a bullish outlook for Bitcoin’s price trajectory. However, achieving key resistance levels and maintaining momentum remain critical factors in determining its future price movements.

Image by Roy Buri from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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