Bitcoin Price Hits $69,000
Bitcoin (
BTC) price surged 10% to over $69,000 this week, sparked by various factors and increasing the odds of it breaking to $75,000. This week was marked by major crypto events such as the US House passing FIT21 for crypto regulation, the anti-CBDC bill banning the Federal Reserve from issuing CBDC, spot Ether ETFs approval, and spot Bitcoin ETF buying after outflows in earlier weeks.
The crypto market sentiment has increased to 76 (extreme greed) from 70 (greed), but headwinds still persist for Bitcoin price to hit a new all-time high. Short-term, macroeconomic events such as US PCE inflation data and crypto market expiry on May 31 are primary obstacles to the ongoing Bitcoin price rally.
Bitcoin (BTC) holds firm above key support level at 66K after the cooling US CPI inflation triggered a breakout in BTC price in mid-May. A 2-month trendline breakout this week also sparks trades for long positions. Over 65,687 BTC options of a notional value of $4.54 billion are set to expire, with a put-call ratio of 0.57. The max pain point is $65,000, indicating high odds of Bitcoin selloff after days of low trading volumes. Implied volatility (IV) witnessing significant declines across all major terms, which means volatile price movements can likely cause a pullback in BTC price.
Crypto analysts are bullish onBTC price to hit at least 100K this year, with rate cuts by the US Fed and other central banks being the major reasons behind it. Analyst Caleb Franzen said that Bitcoin has unquestionably formed a new base, making higher lows for three weeks. Whale addresses have been the main accumulators, leading to $1.4 billion worth of BTC in their balances.
BTC price jumped 1% in the past 24 hours, with the price currently trading near $69,000. The 24-hour low and high are $68,343 and $69,579, respectively. Trading volume has decreased by 50% in the last 24 hours, indicating a decline in interest among traders. Traders expect low trading volumes in the coming days due to holidays and other factors.
BTC) price surged 10% to over $69,000 this week, sparked by various factors and increasing the odds of it breaking to $75,000. This week was marked by major crypto events such as the US House passing FIT21 for crypto regulation, the anti-CBDC bill banning the Federal Reserve from issuing CBDC, spot Ether ETFs approval, and spot Bitcoin ETF buying after outflows in earlier weeks.The crypto market sentiment has increased to 76 (extreme greed) from 70 (greed), but headwinds still persist for Bitcoin price to hit a new all-time high. Short-term, macroeconomic events such as US PCE inflation data and crypto market expiry on May 31 are primary obstacles to the ongoing Bitcoin price rally.
Bitcoin (
BTC) holds firm above key support level at 66K after the cooling US CPI inflation triggered a breakout in BTC price in mid-May. A 2-month trendline breakout this week also sparks trades for long positions. Over 65,687 BTC options of a notional value of $4.54 billion are set to expire, with a put-call ratio of 0.57. The max pain point is $65,000, indicating high odds of Bitcoin selloff after days of low trading volumes. Implied volatility (IV) witnessing significant declines across all major terms, which means volatile price movements can likely cause a pullback in BTC price.Crypto analysts are bullish on
BTC price to hit at least 100K this year, with rate cuts by the US Fed and other central banks being the major reasons behind it. Analyst Caleb Franzen said that Bitcoin has unquestionably formed a new base, making higher lows for three weeks. Whale addresses have been the main accumulators, leading to $1.4 billion worth of BTC in their balances.BTC price jumped 1% in the past 24 hours, with the price currently trading near $69,000. The 24-hour low and high are $68,343 and $69,579, respectively. Trading volume has decreased by 50% in the last 24 hours, indicating a decline in interest among traders. Traders expect low trading volumes in the coming days due to holidays and other factors.
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