Boost

Rally

Bitcoin

Bitcoin Price Analysis: Over the past two weeks, the Bitcoin price witnessed a notable drop in volatility, stabilizing in a range between $71,500 and $66,500. This sideways movement has led to widespread market uncertainty, with many major altcoins entering a phase of correction or consolidation. Despite this, the increasing inflows into spot BTC ETFs and rising whale accumulation suggest a bullish scenario. These factors point to a potential breakout from <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> and rechallenge the current highs of $73800.
Also Read: <a href="https://coingape.com/markets/bitcoin-price-to-70000-sparks-crypto-market-prediction/" rel="noopener noreferrer nofollow">Bull Run: Can Crypto Market Reach $3 Trillion, With Bitcoin Price Above $71,000?</a>
<h2 id="b-bitcoin-price-analysis-is-rally-to-new-high-imminent-b">Bitcoin Price Analysis: Is Rally to New High Imminent?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/g/gRltytKF.png" alt="BITSTAMP:BTCUSD Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Bitcoin Price Analysis| Tradingview
 </figcaption>
</figure>
The leading digital currency, <a href="https://coingape.com/bitcoin-miner-bitdeer-releases-btc-mining-chip-roadmap-to-reduce-energy-use/" rel="noopener noreferrer nofollow">Bitcoin</a>, began a renewed recovery trend in May, rebounding from $56,000. This bullish turnaround boosted the asset’s value by 26%, with BTC currently trading at $71,211, while the market cap boasted $1.4 Trillion.
Supported by substantial trading volume and increasing inflows into spot Bitcoin ETFs, this rally indicates sustainable growth. On June 6, 2024, <a href="https://coingape.com/fidelity-bitcoin-etf-fbtc-sees-0-5-billion-inflows-in-two-days-hits-key-milestone/" rel="noopener noreferrer nofollow">Bitcoin ETF</a> net inflows reached $218 million, marking the 18th consecutive day of positive inflows, according to on-chain data tracker Spot On Chain. This streak represents the longest in history, reflecting strong investor confidence and interest in Bitcoin ETFs.
The single-day inflow of BlackRock’s IBIT ETF rebounded to $350 million, the highest level in the last two trading months. Conversely, Grayscale’s GBTC ETF experienced an outflow again after two days of inflows.
In addition, the appetite for Bitcoin among large investors, or “whales,” has returned strongly. According to a recent analysis highlighted by CryptoQuant whales are now demonstrating robust buying power once again.&nbsp;
Also Read: <a href="https://coingape.com/sponsored/bitcoin-btc-at-the-forefront-argentina-and-el-salvador-strengthen-crypto-ties-and-why-5thscape-is-leading/" rel="noopener noreferrer nofollow">Bitcoin (BTC) at the Forefront: Argentina and El Salvador Strengthen Crypto Ties and Why 5thscape Is Leading</a>
<blockquote class="twitter-tweet">
 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>: The whales’ appetite for buying has returned strongly
 “They are now returning with strong buying power once again, which indicates that the current prices are suitable for buying and accumulating.” – By <a rel="noopener noreferrer nofollow" href="https://twitter.com/abramchart?ref_src=twsrc%5Etfw">@abramchart</a>
 Full post <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a rel="noopener noreferrer nofollow" href="https://t.co/lYGUHk72Hf">https://t.co/lYGUHk72Hf</a>
 — CryptoQuant.com (@cryptoquant_com) <a rel="noopener noreferrer nofollow" href="https://twitter.com/cryptoquant_com/status/1798874955909943427?ref_src=twsrc%5Etfw">June 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The chart provided by CryptoQuant illustrates the total whale holdings and their monthly percentage change, showing a significant uptick in whale activity. This resurgence suggests that current Bitcoin prices are viewed as favorable for buying and accumulating.
With an intraday gain of 0.7%, the <a href="https://coingape.com/markets/bitcoin-price-analysis-bull-run-or-sell-off-to-65000/" rel="noopener noreferrer nofollow">BTC price</a> teases a bullish breakout from the resistance trendline carrying a flag channel in the daily chart. If this continuation pattern holds true, the coin buyers could flip the overhead barrier as a signal to the continuation of the prevailing rally.
The post-breakout rally could lead the BTC price to $90000, followed by an extended rally to $13700.&nbsp;
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>Exponential Moving Average: The BTC price witnessing dynamic support from the 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope indicates a high momentum rally in action.</li>
 <li>Average Directional Index: An uptick in the daily ADX slope at 25% indicates the recovery is far from exhaustion and buyers could lead a prolonged rally.</li>
</ul>
The post <a href="https://coingape.com/markets/bitcoin-price-analysis-whale-etf-inflows-btc-rally-90k/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Whale Activity and ETF Inflows Boost BTC Rally to Target $90k</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Analysis: Whale Activity and ETF Inflows Boost BTC Rally to Target $90k

Table of Contents

Coingape News Media

Other articles published on Jun 7, 2024

BREAKING: US Non-Farm Employment Data Announced! What Was the First Reaction of Bitcoin (BTC) and...

Elon Musk’s Deepfake Scam Floods YouTube During SpaceX Launch

Bitcoin (BTC) Hidden Disaster Incoming? XRP Reaches Turning Point: What's Next? Shiba Inu (SHIB) ...

How Are Altcoins Performing This Week?

Ethereum ETF Demand May Be Muted Compared To Bitcoin ETFs, Analysts Say

JasmyCoin Price Prediction: As JASMY Soars 15%, This New AI Meme Coin Is Hurtling Towards $5 Million

Join our free newsletter for daily crypto updates!