Bitcoin Price Plummet: BTC Falls Below $70,000 – Next Level to Monitor
Bitcoin (BTC) has experienced a drop below the $70,000 mark, reaching a price of approximately $69,229 after hitting a low of $69,939 earlier in the day. This decline can be attributed to decreased investor demand, as uncertainties surrounding a potential interest rate hike by the Federal Reserve in September loom.
Furthermore, recent data on ETF flows indicates mixed sentiments, with a significant decrease in net inflows to $15.7 million. Investors are exercising caution, possibly waiting for the anticipated approval of a US ETH-spot ETF, which could have implications for Bitcoin’s performance.
According to Geoff Kendrick, Head of FX and Digital Assets Research at Standard Chartered Bank, Bitcoin is predicted to reach new all-time highs, surpassing its previous peak of $73,798 by the end of this week. Kendrick attributes this potential increase to the expected approval of spot Ether ETFs, which he believes will enhance Bitcoin’s legitimacy and overall performance.
Kendrick further expresses optimism, forecasting that Bitcoin could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Recent inflows into spot Bitcoin ETFs have already reached a record-breaking $12.9 billion, further supporting his bullish outlook.
Furthermore, BlackRock’s spot Bitcoin ETF has seen significant inflows, driving market interest. On May 21, it accounted for 95% of the total $300 million inflow, with $290 million going into the iShares Bitcoin Trust. This surge represents the highest level since April 5 and marks a reversal from previously low inflows.
In the past four days alone, over $1 billion has flowed into spot Bitcoin ETFs, coinciding with Bitcoin’s volatile rally. BlackRock’s fund has now accumulated a total of $16 billion in inflows since its launch, approaching Grayscale’s $20 billion milestone.
Considering these substantial inflows and the potential approval of Ethereum ETFs, interest in Bitcoin ETFs has been reignited, which is likely contributing to the increase in Bitcoin’s price.
As of now, Bitcoin is trading at $69,675, showing minimal movement with a -0.03% change, indicating a bullish Bitcoin price prediction. The 4-hour chart reveals crucial price levels to monitor, with the pivot point at $69,675 serving as a significant benchmark. Immediate resistance levels are identified at $70,560, $71,944, and $73,300, suggesting potential upward targets if bullish momentum continues.
On the downside, support levels can be found at $68,990, $68,260, and $67,265, providing a safety net against further declines.
The Relative Strength Index (RSI) currently stands at 57, indicating neutral market momentum. Additionally, the 50-day Exponential Moving Average (EMA) is at $68,375, supporting the possibility of an uptrend continuation above $70,000.
The presence of an upward trendline further reinforces this bullish outlook. However, a break below the pivot point of $69,675 could trigger a sharp selling trend.
In conclusion, Bitcoin’s outlook remains bullish at $69,675, but a breach below this level could potentially lead to significant downside pressure.
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Please note that cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and should not be considered investment advice. It is possible to lose all of your capital.