Bitcoin Soars Past $60,000 Amid Lower Inflation Rates
Bitcoin (BTC) has reached new heights, surpassing the $60,000 mark and hitting the $67,000 range. This significant increase can be attributed to reports of lower-than-expected inflation rates in the United States.
Bitcoin Selling Pressure Decreases
The selling pressure on Bitcoin has notably decreased in recent times, as indicated by various on-chain activities:
– Short-term holders and OTC desk balances show a decline in selling pressure.
– The balance of BTC on OTC desks has remained stable since late April, hinting at reduced Bitcoin supply.
– Profit margins of short-term BTC holders are currently low or negative, indicating a decrease in selling pressure.
– Miners are experiencing low profitability levels, historically associated with price bottoms.
The Waiting Game for Increased Demand
Although Bitcoin demand growth seems to be stabilizing, with noticeable increases in the balances of permanent holders and large investors, the market is still waiting for a significant surge in demand:
– Further demand is needed to sustain the current price rally.
– The market anticipates increased demand from spot Bitcoin ETF markets and other investment funds.
– Analysts suggest that a new wave of spot Bitcoin ETF purchases is necessary for demand growth.
– Recent data shows total inflows of over $560 million in the ETF market in the past two trading days.
Moreover, the surge in stablecoin liquidity signals a potential upward movement for BTC.
Hot Take: Bitcoin Bulls Remain Optimistic
As Bitcoin continues to soar and exhibit signs of decreased selling pressure and stabilizing demand, investors and analysts remain optimistic about the future of the cryptocurrency:
– Analysts believe that the recent developments indicate a strong foundation for a potential price increase.
– The market is eagerly watching for further developments in the ETF market and stablecoin liquidity.
– Bitcoin’s current momentum suggests a positive outlook, with the potential for sustained growth in the near future.
Stay informed and watch out for exciting developments in the cryptocurrency market!
Sources:
– [CryptoQuant Report](https://cryptoquant.com/insights/research/664527d4e406993bcfe26eaf)
– [CoinGlass – Bitcoin ETF](https://www.coinglass.com/bitcoin-etf)
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