Convergence

Bitcoin ETF

Bitcoin

Billion

Prices are moving in the cryptocurrency market on Wednesday, breaking days of consolidation led by the largest cryptocurrency. After collecting more liquidity during the correction to $67,000 last week, <a href="https://coingape.com/markets/bitcoin-price-to-70000-sparks-crypto-market-prediction/" rel="noopener noreferrer nofollow">Bitcoin price forecast</a> is leaving no stone unturned to reclaim the crucial; $70,000 level. Data by CoinGecko shows BTC maintaining a 2.7% increase in the last 24 hours, to hover at $70,865 during the US session.
A staggering 30% upsurge in the 24-hour trading volume reveals rising investor interest. <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a> data shows Bitcoin’s market cap growing to $1.4 trillion, cementing a 53.2% market dominance.
<h2 class="p1" id="investors-splurge-on-bitcoin-etfs">Investors Splurge On Bitcoin ETFs</h2>
The consistent upsurge in <a href="https://coingape.com/bitcoin-etf-sees-second-highest-inflow-as-btc-flashes-buy-signal/" rel="noopener noreferrer nofollow">Bitcoin ETF</a> net inflows backs the bullish outcome—in the process increasing investor confidence. According to ETF stats from SoSoValue, cumulatively the products saw approximately $887 million in net inflows.
So far, Bitcoin ETFs have reached $14.85 million in cumulative total inflow with BlackRock holding the top spot with $20.82 billion. Grayscale’s GBTC recently lost its position to IBIT amid persistent outflows believed to have been caused by high fees.
<figure id="attachment_200712" aria-describedby="caption-attachment-200712" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200712" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53.png" alt="Bitcoin IOMAP model | IntoTheBlock" width="2428" height="1180" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53.png 2428w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53-300x146.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53-1224x595.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53-768x373.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53-1536x746.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53-2048x995.png 2048w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-15.00.53-150x73.png 150w" sizes="(max-width: 2428px) 100vw, 2428px">
 <figcaption id="caption-attachment-200712" class="wp-caption-text">
 Bitcoin IOMAP model | IntoTheBlock
 </figcaption>
</figure>
If this uptrend in ETFs continues, <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> will regain momentum mirroring its performance in Q1 to a new all-time high pop $73,837. Positive inflows reinforce bullish sentiment in the crypto market which prepares the market for major price movements.
<h2 class="p1" id="what-s-next-as-bitcoin-price-obliterates-resistance">What’s Next As Bitcoin Price Obliterates Resistance?</h2>
Bitcoin faces almost no resistance in its quest to reach new all-time highs. Based on <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut">IntoTheBlock</a> blockchain data, several solid support areas sit in place, affirming the bullish outlook.
A strong support has been established between $68,730 and $70,833. Approximately $1.89 million addresses bought 1.18 million BTC in the range and are unlikely to sell, especially while betting on Bitcoin price rising to $80,000 in June and to $100,000 at year-end.
<figure id="attachment_200714" aria-describedby="caption-attachment-200714" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200714" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33.png" alt="Bitcoin IOMAP model | IntoTheBlock" width="2396" height="1008" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33.png 2396w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33-300x126.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33-1224x515.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33-768x323.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33-1536x646.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33-2048x862.png 2048w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-05-at-16.42.33-150x63.png 150w" sizes="(max-width: 2396px) 100vw, 2396px">
 <figcaption id="caption-attachment-200714" class="wp-caption-text">
 Bitcoin IOMAP model | IntoTheBlock
 </figcaption>
</figure>
The lack of robust resistance levels as illustrated by the small red circles in the model, is another signal for a possible breakout this week. Should Bitcoin reach a new all-time high, FOMO will take over, propelling the gigantic coin to unprecedented levels.
<h2 class="p1" id="bitcoin-price-forecast-assessing-the-technical-structure-for-breakout">Bitcoin Price Forecast: Assessing The Technical Structure For Breakout</h2>
Bitcoin shows signs of correcting to retest the $70,000 level possibly due to profit-taking and to collect more liquidity. Initial support is anticipated at $70,550—the previous day’s open.
Should Bitcoin overshoot this support, the down leg would reach for another chance to rebound at $70,000. Further correction below this level may validate the downturn, resulting in more losses toward $67,000 support.
<figure id="attachment_200710" aria-describedby="caption-attachment-200710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200710" src="https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40.png" alt="Bitcoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40.png 2694w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_15-45-40-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-200710" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure>
The Moving Average Convergence Divergence (MACD) on the two-hour chart is about to flash a sell signal. Such a signal will manifest with the blue MACD line crossing below the orange signal line.
However, the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> reveals the current correction could be temporary, seeing that all three Exponential Moving Averages (EMAs) are rising in tandem with Bitcoin. A daily close above $71,000 and subsequently $72,000 would reinforce the bullish grip, paving the way for a larger correction to a new record high.
Bitcoin price recently bounced off a descending trendline reinforcing the breakout from a descending triangle pattern. Backing the bullish outlook is the 20-day EMA and the 50-day EMA.
<figure id="attachment_200711" aria-describedby="caption-attachment-200711" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200711" src="https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23.png" alt="Bitcoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23.png 2694w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_16-20-23-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-200711" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure>
The MACD on the daily chart supports the uptrend after sending a buy signal. Should BTC hold above $71,000 for the rest the day, chances of a new all-time high will increase significantly.
The post <a href="https://coingape.com/markets/bitcoin-price-forecast-on-course-to-80000-ath-net-bitcoin-etfs-inflow-eyes-1-billion/" rel="noopener noreferrer nofollow">Bitcoin Price Forecast: On Course To $80,000 ATH? Net Bitcoin ETFs Inflow Eyes $1 Billion</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Forecast: On Course To $80,000 ATH? Net Bitcoin ETFs Inflow Eyes $1 Billion

Table of Contents

Coingape News Media

Other articles published on Jun 5, 2024

Upbit to Introduce New Taiko (TAIKO) Trading Pairs!

MoonBag's Stellar Rise: The Best Crypto Presale in June 2024 Pulling Investors from NEAR and DOGE...

Bitcoin breaks $71k: Should you cash in today or HODL?

Bitcoin: Market Consolidation Following the 2024 Halving?

Unlocking Crypto Airdrops: Identify and Prevent Airdrop Scams

US Bitcoin ETFs Record $887 Million Net Inflow on June 4

Join our free newsletter for daily crypto updates!