Bitcoin’s Price Breaks Above $70,000 as Bulls Eye $75,000
Bitcoin’s price has surged by approximately 2% over the last 24 hours, reaching above the $70,000 mark, a key psychological level. Analyst Willy Woo is optimistic about the future, suggesting that the cryptocurrency could soar even higher after surpassing the critical resistance level of $72,000. Despite facing several weeks of testing, the $72,000 level has only been retested and not breached, making a breakout significant.
Current Price Movement
- Bitcoin is currently within a broader range, with resistance at $72,000 and $73,800, the all-time high.
- A breakout above $72,000 could signal the start of a new upward movement, attracting more demand due to increasing volume.
- Woo predicts that breaking $72,000 could trigger a short squeeze, potentially propelling prices above $75,000.
Short Squeeze Potential
- A successful breach of $72,000 could lead to liquidations of short positions, driving prices higher.
- Approximately $1.5 billion worth of short positions could be liquidated, potentially pushing Bitcoin to new all-time highs.
Institutional Inflows Boost Bitcoin ETF Demand
The recent surge in institutional inflows into spot Bitcoin exchange-traded funds (ETFs) on June 4 indicates growing demand for the cryptocurrency. Major ETF issuers have been actively accumulating Bitcoin, with significant investments recorded in a single day.
Institutional Inflows
- Fidelity purchased $378.7 million of BTC, while BlackRock, the largest spot BTC ETF issuer, acquired $274.4 million.
- Bitwise also witnessed a substantial demand, adding $61 million worth of Bitcoin.
- Grayscale reported an inflow of $28.2 million in Bitcoin on behalf of its clients.
Market Impact
- The institutional inflows have driven Bitcoin’s price above $71,500, with a sustained price above $70,000.
- This surge in demand confirms the bullish trend initiated by a spike from the middle BB on June 3.
Regulatory Approval and Expansion
- Thailand’s Securities and Exchange Commission recently approved the country’s first spot Bitcoin ETF, catering to wealthy and institutional investors.
- This approval follows the launch of a similar product in Australia, indicating the global expansion of Bitcoin-focused investment instruments.
Hot Take: Bitcoin Poised to Reach New Heights
With Bitcoin’s price surpassing $70,000 and institutional inflows driving demand for spot Bitcoin ETFs, the cryptocurrency market is poised for further growth. Breaking the critical resistance level of $72,000 could trigger a short squeeze, propelling Bitcoin towards $75,000 and potentially establishing new all-time highs. Institutional interest and regulatory approvals signify a maturing market, highlighting Bitcoin’s increasing relevance in traditional finance.
By
By
By
By
