Amidst the current volatility in the crypto market, the global valuation has surged past the $2.10 trillion mark with a 3.09% increase in 24 hours and a total trading volume of $67.04 billion.
As a result of this surge, the market leader, Bitcoin, has successfully surpassed the crucial psychological milestone of $60,000. This achievement has reignited hopes of the BTC price reaching $100,000 by the end of the year.
BTC Price Reclaims $60,000 Mark!
In the past day, the price of Bitcoin has experienced a 3.51% jump, reclaiming the $60,000 mark. With a trading volume of $32.57 billion, Bitcoin has reached a high of $60,656.72. Over the past week, it has surged by 10.54% and boasts a year-to-date return of 41.96%.
The Simple Moving Average (SMA) has indicated a bullish curve in the BTC price chart, signaling increased bullish activity for the leading cryptocurrency. Additionally, the RSI indicator has shown a sharp uptrend above the mid-point in the 1D time frame. With the average trendline supporting the price chart, Bitcoin’s price outlook appears positive in the near future.
Bitcoin Spot ETF Update:
In the last 24 hours, 7 out of 11 BTC ETFs have reported a positive flow. Fidelity leads the pack with a flow of $102.1 million, followed by Ark with $99.3 million. Other ETFs such as Bitwise, Grayscale, Franklin, VanEck, and Valkyrie have also seen positive flows ranging from $1.7 million to $43.1 million. Notably, no Bitcoin ETFs have recorded a negative flow during this period, with the total flow amounting to $263.2 million. This indicates a growing bullish sentiment for Bitcoin in the market.
How High Will The BTC Price Go This Month?
If the market can sustain the Bitcoin price above the support level of $60,000, the bulls are likely to push for testing the upper level of $62,000. Maintaining the price at this level could pave the way for Bitcoin to target its upper resistance level of $66,000 by the end of the month.
However, a trend reversal could result in Bitcoin retesting its support trendline at $58,000. In a more bearish scenario, the price of Bitcoin could drop towards its lower support level of $55,000.
Curious about whether Bitcoin will reach the $100,000 mark this year? Stay tuned to CoinPedia’s Bitcoin price predictions for more insights and analysis!