Bitcoin is hovering around $70,000. The daily chart shows that the price has bounced off a dynamic support line. Bulls still haven’t broken $72,000 or surpassed March 2024 highs. Traders are confident about the future.
Bitcoin Bulls: Targeting $85,000
One analyst takes on X believes World’s most valued coin is getting ready for an explosive breakout, breaking through local resistance and reaching all-time records at $74,000. According to an analyst, Bitcoin’s price has been moving in the same direction, and sometimes even down for the last three months.
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The near-100 day consolidation, if buyers are successful, could be the basis for a price spike. “next leg higher” BTC could easily reach $85,000. However, traders need to be careful, even if they are optimistic.
The momentum on the upswing has waned. The uptrend is slowed down despite gains made on June 3. Buyers have not confirmed the gains from May 20, despite gains. For any further growth, it is necessary to overcome the $72,000 upper-hand level. Support is at $66,000 on the lower side.
The dynamic moving average of 20 days is a solid support. Fundamentals would drive any breakout, preferably aligned with gains in Q1 of 2024.
The demand for BTC and Spot ETFs is being influenced by inflation, as well as the inflows of BTC into BTC ETFs.
Fundamental data streams from the United StatesThe stage has been set for the optimistic purchasers. The cooling of inflation uptick Money supply M2 You can also find out more about the following: Hint that the buyers are getting prepared
The United States Federal Reserve, along with other metrics, has carefully monitored the inflation rate. The Fed could decide to lower interest rates if inflation drops, causing a similar bull market as in 2021.
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Another key driver would be the flow of money into Bitcoin spot ETFs. The demand from institutions drove the inflow spike as BTC reached new highs for March 2024. Following the price spike on May 20, there has been a surge in demand.
On June 3, Lookonchain data revealed That spot BTC ETF issuers from the United States have added 2,413 BTC. Grayscale’s GBTC only reduced 12 BTC.
![Spot Bitcoin ETF inflows | Source: @lookonchain via X](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Bitcoin-Ready-To-Takeoff-Analyst-Eyes-85000-as-Fundamentals-Align.png)
The launch of the Monochrome Bitcoin ETF in Australia, and similar products in Hong Kong as well as globally will increase demand for BTC. IBTC’s newly-launched spot ETF will direct hold BTC in Australia. This BTC will be held by Coinbase.
Chart by TradingView with DALLE as the featured image
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Source: www.newsbtc.com