Greed

Reserve

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) is approaching all-time highs of $69,000 and $73,800.</li>
 <li>U.S. economic policy and unemployment data could influence the bullish trend.</li>
</ul>
<p>Bitcoin (BTC) is starting the week strong, with a return to the $67,000 mark.</p>
<p>The cryptocurrency is inching closer to a rematch with its all-time highs of $69,000 and $73,800.</p>
<h2 id="market-factors">Market Factors</h2>
<p>The question of whether Bitcoin will reach these heights in the coming days is on the minds of many market participants.</p>
<p>Various factors, including cues from U.S. economic policy and unemployment data, could contribute to the bullish trend.</p>
<p>Traders are becoming increasingly confident that Bitcoin has hit a local bottom and that the next move, after two months of consolidation, will be upward.</p>
<h2 id="bitcoin-s-performance">Bitcoin’s Performance</h2>
<p>Bitcoin is performing well this week, returning to near $67,000.</p>
<p>According to CoinGlass, the bulk of immediate overhead resistance lies just below $68,000.</p>
<p>Market participants are in a positive mood, with one trader noting the beauty of Bitcoin’s weekly close.</p>
<p>However, not everyone shares this optimistic view.</p>
<p>Some believe that $60,000 or even lower should come next for Bitcoin.</p>
<h2 id="u-s-economic-data-and-bitcoin">U.S. Economic Data and Bitcoin</h2>
<p>The macro landscape this week is not dominated by U.S. economic reports.</p>
<p>Instead, the focus is on the Federal Reserve and its upcoming speaking appearances.</p>
<p>Markets will be watching closely for cues on future policy.</p>
<p>The minutes from the May meeting of the Federal Open Market Committee are due for release on May 22.</p>
<p>Following this, U.S. jobless claims could provide another bout of volatility for risk assets.</p>
<h2 id="bitcoin-etfs-and-exchange-reserves">Bitcoin ETFs and Exchange Reserves</h2>
<p>Bitcoin exchange-traded funds (ETFs) could be making a strong comeback.</p>
<p>After struggling for weeks since Bitcoin’s all-time highs in March, the ETF products are seeing renewed interest.</p>
<p>In fact, last week, inflows hit almost $1 billion, the best weekly performance since that time.</p>
<p>The U.S. spot ETFs alone now hold approximately 2.8% of the total BTC supply.</p>
<p>In terms of demand for Bitcoin, few statistics tell a more bullish story than exchange BTC reserves.</p>
<p>New data puts the amount of Bitcoin available for purchase on major trading platforms at the lowest since 2017.</p>
<h2 id="market-sentiment">Market Sentiment</h2>
<p>The Crypto Fear &amp; Greed Index, which determines the sustainability of overall crypto sentiment, currently stands at 70/100.</p>
<p>While considered “greedy,” these levels are far from the excessive levels seen during Bitcoin’s all-time highs in March, when it hit 90/100.</p>
<p>Research firm Santiment has determined the most bullish feeling on Bitcoin since January.</p>
<p>However, they note that for the positive trend to continue, “FOMO” on the part of buyers needs to stay low.</p>

Triple BTC Supply Acquired by ETFs: Top 5 Bitcoin Insights This Week

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