The entire crypto market was in the green over the last 24 hours, with Bitcoin holders leading the trends with BTC at above $70,000 since the last two days.
Bitcoin managed to go over $71,500 in the last 24 hours but faced resistance in that area. On the other hand, Bitcoin holders have held a bullish perspective. As a result, BTC hasn’t dipped below $70,000 as well. If it continues, the crypto support level across the market may form at much higher levels than earlier.
Selling pressure from long-term holders, who had been a significant factor in the previous correction, could decline. Additionally, an increase in new accumulation addresses, signifying new investors entering the market, has been a positive sign. At present, the $72,000 trading level is acting as a ceiling for Bitcoin’s trend line.
The current price breakout comes as a breather for bulls who saw a stagnant phase in the market for around two months. This narrow window of opportunity has emerged for bulls to stage a rally for BTC again. Meanwhile, the spot Bitcoin ETFs have attracted higher inflows, adding to the bullish market behavior.
According to official data, the Bitcoin ETFs recorded almost $900 million in inflows on June 4. On June 5, the number dipped but still hovered above $450 million. Both the IBIT and FBTC ETFs have facilitated such high inflows.
BTC/USD 1D price chart
Bitcoin is currently trading at around $70,900 on June 6, 2024, with BTC/USD trading higher by a margin of 2% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.4 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (67,598.16), as BTC’s 24-hour volume was at around $28.8 billion. The global crypto market cap increased by around 0.2%, trading above $2.63 trillion. BTC’s year-to-date returns are at 69.53%
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