Bitcoin Price Analysis: Whale Activity and ETF Inflows Boost BTC Rally to Target $90k
Highlights
- The Bitcoin price breakout from the flag pattern will accelerate the buying momentum to reach a new high.
- The recently reclaimed midline of the Bollinger Bands indicator can offer BTC buyers suitable support to maintain the current rally.
- The intraday trading volume in Bitcoin is $30.7 Billion, indicating a 13% gain.
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 Bitcoin price prediction and rechallenge the current highs of $73800.
Also Read: Bull Run: Can Crypto Market Reach $3 Trillion, With Bitcoin Price Above $71,000?
Bitcoin Price Analysis: Is Rally to New High Imminent?
The leading digital currency, Bitcoin, 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, Bitcoin ETF 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.
Also Read: Bitcoin (BTC) at the Forefront: Argentina and El Salvador Strengthen Crypto Ties and Why 5thscape Is Leading
#Bitcoin: 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 @abramchart
Full post 👇https://t.co/lYGUHk72Hf
— CryptoQuant.com (@cryptoquant_com) June 7, 2024
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 BTC price 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.
Technical Indicator
- Exponential Moving Average: The BTC price witnessing dynamic support from the 20-day EMA slope indicates a high momentum rally in action.
- 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.
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24 Hours volume
$76.62B
Market Cap
$2.16T
Max Supply
21M
