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2024

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-prices-surge-in-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Prices Surge in 2024</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/recent-trends-in-cryptocurrency-analyzing-market-movements-and-economic-indicators" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> in the US has experienced a remarkable increase of over 60% since the start of the year up until May 2024, benefiting from significant capital inflows into newly launched exchange-traded funds (ETFs) and anticipation of a Federal Reserve interest rate cut. Analysts suggest that this benchmark cryptocurrency could potentially see further growth in June, possibly reaching $75,000 by the end of the month, as indicated by a combination of on-chain, fundamental, and technical indicators.</p>
<h2 id="what-does-the-chart-show">What Does the Chart Show?</h2>
<p style="text-align: justify">From a <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a> perspective, Bitcoin’s potential to hit $75,000 is driven by a triangle formation pattern, characterized by price consolidation within converging trend lines that connect consecutive peaks and troughs. Typically, a symmetrical triangle formation during an uptrend signals the continuation of the upward movement, which corrects when the price surpasses the upper trend line and ascends to the maximum distance between the upper and lower trend lines.</p>
<p style="text-align: justify">As of May 31, Bitcoin’s price was nearing the apex of this triangle, where the two trend lines meet. The cryptocurrency is now poised for a breakout above the upper trend line, which could propel its price towards $74,000-$75,000 in June, depending on the breakout point.</p>
<h2 id="what-s-driving-bitcoin-s-price">What’s Driving Bitcoin’s Price?</h2>
<p style="text-align: justify">Bitcoin achieved an all-time high of $73,000 in early March. This surge was accompanied by long-term holders selling a substantial portion of their assets, resulting in an oversupply and subsequent price correction and consolidation. As prices dropped and sellers were exhausted, the market gradually transitioned back to an accumulation phase. This shift is evidenced by Bitcoin ETF flows, which experienced net outflows throughout April.</p>
<p style="text-align: justify">Upon market sell-off to a local low of around $57,500, ETF funds saw significant daily net outflows averaging $148 million. However, last week, Bitcoin ETF funds reported a notable net inflow of $242 million per day, indicating renewed demand from buyers. Considering the natural daily selling pressure of $32 million from miners since the last Bitcoin halving event, this ETF buying pressure is nearly eight times higher.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<ul>
 <li>Bitcoin’s price is favorably influenced by substantial capital inflows into ETFs.</li>
 <li>A technical triangle formation suggests potential for further price increases.</li>
 <li>Recent market <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> indicates a shift back to accumulation, signaling renewed investor interest.</li>
 <li>ETF inflows significantly outweigh natural daily selling pressure from miners.</li>
</ul>
<p style="text-align: justify">Overall, Bitcoin’s significant growth in 2024 underscores the dynamic and rapidly evolving nature of cryptocurrency markets. Investors are closely monitoring technical patterns and market trends, anticipating further price movements in the coming months.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-prices-surge-in-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Prices Surge in 2024</a></h5>

Bitcoin Prices Surge in 2024

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