Reserve Dollar

Bitcoin

Reserve

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-hits-70000-briefly" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Hits $70,000 Briefly</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/global-anticipation-for-us-secs-decision-on-bitcoin-spot-etf" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price momentarily surged to $70,000 following the opening of US markets, though it failed to sustain that level. This phenomenon aligns with investor behavior, as caution prevails before Federal Reserve (Fed) announcements, particularly after unfavorable data releases. The focus now shifts to <a href="https://newslinker.co/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future predictions</a> for Bitcoin.</p>
<h2 id="what-do-analysts-say-about-cryptocurrency">What Do Analysts Say About Cryptocurrency?</h2>
<p style="text-align: justify">Spot Bitcoin Exchange-Traded Funds (ETFs) have shown promising signs recently. In May, ETF issuers amassed 29,592 BTC due to net inflows. Between June 3rd and 7th, they collected 25,729 BTC, a figure surpassing two months’ worth of miner output. This development indicates supply is outpacing demand, generating excitement among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. Meanwhile, the S&amp;P 500, which positively correlates with cryptocurrencies, aims for the 5,500 level.</p>
<p style="text-align: justify">On June 3rd, the US Dollar Index (DXY) fell below its rising channel but rebounded to 105 after failing to drop below 104. Should the DXY fail to surpass the 105.75 and 106.5 levels, a return to 104 is likely. The anticipated rise in the S&amp;P 500 could weaken the DXY, and Fed statements on Wednesday might influence this outcome.</p>
<h2 id="how-are-global-policies-affecting-bitcoin">How Are Global Policies Affecting Bitcoin?</h2>
<p style="text-align: justify">The European Central Bank recently initiated its first rate cut, setting a trend other nations are now following. Canada also stepped in, and numerous countries are reversing global tightening measures. It seems impractical for the US to maintain strict policies while other nations are easing their stances. Perhaps the US will opt to safeguard its economy by extending its path to the 2% inflation target and gradually relaxing policies.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<ul>
 <li>ETF issuers’ BTC accumulation exceeded miner output, indicating strong demand.</li>
 <li>S&amp;P 500’s positive correlation with cryptocurrencies suggests potential growth.</li>
 <li>Monitor DXY and S&amp;P 500 movements for insights into Bitcoin’s price trends.</li>
 <li>Global policy shifts could impact US monetary strategies and Bitcoin’s trajectory.</li>
</ul>
<p style="text-align: justify">Should Bitcoin lose its current support, it might drop to the 50-day Simple Moving Average (SMA) at $65,906. A break below this level could accelerate a decline to $60,000. In a bullish scenario, overcoming the resistance between $72,000 and $73,777 could push Bitcoin towards $80,000 and potentially $88,000.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-hits-70000-briefly" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Hits $70,000 Briefly</a></h5>

Bitcoin Price Hits $70,000 Briefly

Table of Contents

BH NEWS

Other articles published on Jun 10, 2024

Cardano Unveils Timeline for Chang Fork, Ushering in ‘Age of Voltaire’

Analyst Predicts Major Memecoin Gains

British Crypto Exchange Lykke Halts Amid $22M Suspected Hack

Binance’s CEO Explains Crypto Adoption And Web3’s Meteoric Rise Post 200M Users Achievement

New Korean Law Requires NFT Issuers to Register

Layer 2 zkSync Token Airdrop May Be Launched Tomorrow

Join our free newsletter for daily crypto updates!