Bitcoin Price Forecast: On Course To $80,000 ATH? Net Bitcoin ETFs Inflow Eyes $1 Billion
Prices are moving in the cryptocurrency market on Wednesday, breaking days of consolidation led by the largest cryptocurrency. After collecting more liquidity during the correction to $67,000 last week, Bitcoin price forecast is leaving no stone unturned to reclaim the crucial; $70,000 level. Data by CoinGecko shows BTC maintaining a 2.7% increase in the last 24 hours, to hover at $70,865 during the US session.
A staggering 30% upsurge in the 24-hour trading volume reveals rising investor interest. CoinMarketCap data shows Bitcoin’s market cap growing to $1.4 trillion, cementing a 53.2% market dominance.
Investors Splurge On Bitcoin ETFs
The consistent upsurge in Bitcoin ETF net inflows backs the bullish outcome—in the process increasing investor confidence. According to ETF stats from SoSoValue, cumulatively the products saw approximately $887 million in net inflows.
So far, Bitcoin ETFs have reached $14.85 million in cumulative total inflow with BlackRock holding the top spot with $20.82 billion. Grayscale’s GBTC recently lost its position to IBIT amid persistent outflows believed to have been caused by high fees.
If this uptrend in ETFs continues, Bitcoin will regain momentum mirroring its performance in Q1 to a new all-time high pop $73,837. Positive inflows reinforce bullish sentiment in the crypto market which prepares the market for major price movements.
What’s Next As Bitcoin Price Obliterates Resistance?
Bitcoin faces almost no resistance in its quest to reach new all-time highs. Based on IntoTheBlock blockchain data, several solid support areas sit in place, affirming the bullish outlook.
A strong support has been established between $68,730 and $70,833. Approximately $1.89 million addresses bought 1.18 million BTC in the range and are unlikely to sell, especially while betting on Bitcoin price rising to $80,000 in June and to $100,000 at year-end.
The lack of robust resistance levels as illustrated by the small red circles in the model, is another signal for a possible breakout this week. Should Bitcoin reach a new all-time high, FOMO will take over, propelling the gigantic coin to unprecedented levels.
Bitcoin Price Forecast: Assessing The Technical Structure For Breakout
Bitcoin shows signs of correcting to retest the $70,000 level possibly due to profit-taking and to collect more liquidity. Initial support is anticipated at $70,550—the previous day’s open.
Should Bitcoin overshoot this support, the down leg would reach for another chance to rebound at $70,000. Further correction below this level may validate the downturn, resulting in more losses toward $67,000 support.
The Moving Average Convergence Divergence (MACD) on the two-hour chart is about to flash a sell signal. Such a signal will manifest with the blue MACD line crossing below the orange signal line.
However, the Bitcoin price prediction reveals the current correction could be temporary, seeing that all three Exponential Moving Averages (EMAs) are rising in tandem with Bitcoin. A daily close above $71,000 and subsequently $72,000 would reinforce the bullish grip, paving the way for a larger correction to a new record high.
Bitcoin price recently bounced off a descending trendline reinforcing the breakout from a descending triangle pattern. Backing the bullish outlook is the 20-day EMA and the 50-day EMA.
The MACD on the daily chart supports the uptrend after sending a buy signal. Should BTC hold above $71,000 for the rest the day, chances of a new all-time high will increase significantly.
The post Bitcoin Price Forecast: On Course To $80,000 ATH? Net Bitcoin ETFs Inflow Eyes $1 Billion appeared first on CoinGape.