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Bitcoin ETF

Bitcoin

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Bitcoin’s price has risen roughly 2% in the past 24 hours, trending above $70,000, a psychological level. As bulls prepare for more gains, Willy Woo, an on-chain analyst, <a class="editor-rtfLink" href="https://x.com/woonomic/status/1798169693771194825" target="_blank" rel="noopener nofollow">believes</a> the coin could soar even higher after breaking above the all-important resistance level at $72,000. 
<h2 id="will-bitcoin-soar-to-75-000-due-to-a-short-squeeze">Will Bitcoin Soar To $75,000 Due To A Short Squeeze?</h2> 
Even after the spike on May 20 lifted the coin above $66,000 after days of lower lows, taking Bitcoin to $56,500, bulls didn’t follow through. As things stand now, Bitcoin is within a broader range, capped at $72,000, the first local support, and $73,800, the all-time high. 
However, a breach would be significant considering the significance of $72,000, a level that has only been retested but not broken in several weeks. One explanation for potential price expansion is that a breakout, ideally with rising volume, might signal the start of another leg up, drawing demand. 
<img loading="lazy" decoding="async" class="size-full wp-image-611620" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680" alt="BTC approaching $72,000 | Source: @woonomic via X" width="1024" height="680" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680?w=1552 1552w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk_459305.jpg?resize=1024%2C680?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
For Woo, closing $72,000 could see prices fast expand, even breaking $75,000 because of a short squeeze. Once bulls pierce and close above this level of interest, there would be a wave of liquidations, where many short positions are forced to close, driving prices higher. 
Based on Woo’s analysis, roughly $1.5 billion worth of short positions will be liquidated “all the way up to $75,000.” If this happens, then it is highly likely that Bitcoin will register new all-time highs roughly seven weeks after <a href="https://www.newsbtc.com/news/bitcoin/why-bitcoin-halving-not-priced-in-whats-next/" target="_blank" rel="noopener ">Halving</a>. 
<h2 id="inflow-to-spot-btc-etfs-rising-demand-will-only-continue-rising">Inflow To Spot BTC ETFs Rising, Demand Will Only Continue Rising</h2> 
Underpinning this bullish sentiment is the impressive surge in institutional inflows into spot Bitcoin exchange-traded funds (ETFs) on June 4. According to sosovalue <a class="editor-rtfLink" href="https://sosovalue.xyz/assets/etf/us-btc-spot" target="_blank" rel="noopener nofollow">data</a>, spot Bitcoin ETF issuers bought $886.6 million worth of BTC yesterday. 
<img loading="lazy" decoding="async" class="size-full wp-image-611619" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot738.png?resize=1024%2C399" alt="Spot BTC ETF inflows | Source: Sosovalue" width="1024" height="399" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot738.png?resize=1024%2C399?w=1129 1129w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot738.png?resize=1024%2C399?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot738.png?resize=1024%2C399?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot738.png?resize=1024%2C399?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot738.png?resize=1024%2C399?w=750 750w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Fidelity bought $378.7 million of BTC, while BlackRock, behind the largest spot BTC ETF, bought $274.4 million of the coin. Bitwise also made a substantial demand, adding $61 million of BTC. 
Interestingly, Grayscale also saw inflows, adding $28.2 million of BTC on behalf of its clients. This influx was the second-highest daily inflow volume since the launch of spot Bitcoin ETFs in January 2024. 
With this wave of institutional demand, Bitcoin is above $71,500. Most importantly, prices remain above $70,000, confirming the bull spike from the middle BB on June 3. <a href="https://www.tradingview.com/x/1kD4xHll/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/1kD4xHll/" alt="Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
The demand for these complex derivatives will only increase. Yesterday, the Thailand Securities and Exchange Commission (SEC) <a class="editor-rtfLink" href="https://www.bangkokpost.com/business/investment/2804674/thai-sec-approves-first-bitcoin-etf" target="_blank" rel="noopener nofollow">approved</a> the country’s first spot Bitcoin ETF. The product will only be accessible to wealthy and institutional investors. The green lighting comes after a similar product went live in Australia.

Bitcoin Will Explode If Bulls Break The “Fuse” At $72,000

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