3 Reasons Why Bitcoin (BTC) Price Could Reclaim $70,000 Soon
Over the last 24 hours, the Bitcoin (BTC) price increased by 0.95%, according to CoinMarketCap data. Compared to the trend earlier in the day, BTC now shows the presence of renewed sentiment.
At the time of writing, the cryptocurrency was trading slightly higher at $64,264.97 after remaining in the “red” bearish zone for most of this week. Although a number of events triggered this sudden price increase, three important reasons stand out.
Bitcoin Price May Rise as Bears Exhaust
The past week has seen a number of Bitcoin sales, including a dormant Bitcoin wallet that recently moved 25,000 BTC in six separate transactions. There are speculations that this BTC remained in this account for about 3 to 5 years but suddenly 25,000 BTC worth over $1.6 billion was transferred to the single wallet address.
CryptoQuant certified chain analyst Maartunn also noted that an unknown entity has made two major transfers. This whale moved more than 11,000 BTC in total in two transactions. All of these movements are indicative of a selling wave.
However, in the current situation, the bears may be exhausted due to the ongoing decline over the past week. Therefore, buying Bitcoin is now becoming a natural market trend, a move that could trigger a recovery in the coin’s price.
Spot Bitcoin ETF Outflows Are Restarting
Similarly, spot Bitcoin ETF issuers have also recorded significant outflows and are hoping to restart next week. These ETFs faced a total outflow of $545 million last week, according to data from Farside Investors, raising concerns about Bitcoin’s near-term performance. Even significant outflows from Bitcoin ETFs, combined with slow Bitcoin trading activity, have led many to speculate about a possible price decline.
The attitude of spot Bitcoin ETF issuers and investors remains optimistic, indicating that the dark times of outflows will be followed by a season of inflows.
Spot Ethereum ETF Trading Prospects
There’s also what the new week will bring for spot Ethereum ETFs and this new proposed rule change. Applicants have filed S-1 amendments and are waiting for the United States Securities and Exchange Commission (SEC) to approve the trade. While there is speculation that approval could finally come as early as the first week of July, applicants may not have to wait that long.
The SEC recently dropped its investigation into Ethereum 2.0 in the ConsenSys case, and this could mean good for the spot Ethereum ETF and therefore Bitcoin as well.
According to the new market outlook, the $100,000 estimate may still be possible in the medium term.
Read More: Bitcoin IFP Data Signals Potential Price Rise
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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