Patience before returning to historic peaks? – Bitfinex analysts predict that Bitcoin’s next ATH could come in Q4 2024, reaching at least $120,000. An achievable long-term price target, but it will take extremely high demand to reach such high price levels. However, even if BTC once again closed the week below $70,000, operators are accumulating on investment products linked to cryptocurrencies. Here is today’s newsletter!
Bitcoin price falls 2.5% in 24 hours
Sellers continue to put pressure on the price of Bitcoin. In fact, BTC drop below $68,000 and displays a drop of 2.5% in 24 hours :
Bitcoin performance against different pairs. Source: Coincheckup
Now the king of crypto drop of 2% in one week. Faced with Ethereum, the Bitcoin regains strength. The BTC/ETH pair stagnates in 24 hoursbut it climbs 2.4% in one week.
Market records $2 billion in entries
We saw this last week, Bitcoin spot ETFs attract investors again. Indeed, since May 13, the capital flows into cash ETFs. And that’s not all, because the operators are also present on investment products linked to cryptocurrencies :
During the first week of June, CoinShares recorded no less than 2 billion dollars in entries. This is now five weeks in a row that capital is flowing on crypto investment vehicles. BTC has once again captured the majority of capital ($1.97 billion)while Ethereum recorded its best week since March with $69 million in entries.
Bitcoin price loses level at $69,500
After having stuck on resistance at $71,000the price fell below the level of support at $69,500. Therefore, the price of BTC is quickly heading towards the support at $67,000 :
In case of rebound to $67,000the course will have to rub shoulders with the resistance at $69,500. On the other hand, if the support at $67,000 is lost, the next strong support lies at $64,500. The course seems to draw a ranges between $67,000 and $71,000. We should not lose the support at $67,000 in order to avoid challenge the trend in 4H. The RSI continues to fall, sellers have their hands on momentum.
Capital continues to flow into cryptocurrency-related investment products. Indeed, last week, the market recorded $2 billion in inflows. However, the price of Bitcoin does not benefit from this and is heading towards the support at $67,000. Buyers will have to react to avoid falling towards $64,500. For its part, Ethereum (ETH) must maintain weekly support at $3,500.
BITCOIN NEWS THAT COUNTS
- In June, spot Bitcoin ETFs absorbed two months’ worth of Bitcoin production in one week, and this could intensify BTC scarcity.
