The last 24 hours have been all about the Bitcoin trading range attempting a breakout but facing rigid resistance near $72,000 at a crucial juncture for the crypto market.
All macroeconomic indicators have been in the favor of Bitcoin and the broader crypto market in the last few days. The absence of any negative triggers has prompted analysts to revise Bitcoin’s price targets. At the same time, the Bitcoin trading range has also hovered over its upper circuit since June 5. The area around $72,000 has become critical for the crypto market since the price movements of the next few days could either cause a rally or a dip.
Moreover, the spot crypto ETFs have recorded more than fifteen days of continuous inflows. Usually, it could have led to a massive price jump. But Bitcoin has also seen sell-offs in spots, futures, and options. Once the overall ecosystem sees net gains, a rally till $100,000 could emerge.
Meanwhile, ETH is trading above $3,800, which is an improving trend. Its weekly gains have averaged around 2%, which could increase once the ether ETFs go live. Other tokens like SOL, XRP, AVAX, MATIC, UNI, and DOT also posted positive seven-day returns.
$2.2 billion worth of BTC options are set to expire on June 7. It remains to be seen if the ETF inflows absorb the selling pressure. A slight decline in BTC to $69,500 will likely point towards better trends if it doesn’t rise over the weekend.
BTC/USD 1D price chart
Bitcoin is currently trading at around $71,200 on June 7, 2024, with BTC/USD trading higher by a margin of 0.15% 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 (68,103.94), as BTC’s 24-hour volume was at around $26.2 billion. The global crypto market cap increased by around 0.34%, trading above $2.65 trillion. BTC’s year-to-date returns are at 69.41%
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