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, Bitcoin price prediction leave no stone unturned to reclaim the decisive; $70,000 level. Data by CoinGecko shows that BTC maintains a 2.7% increase in the last 24 hours, to move at $70,865 during the US session.
An astonishing 30% rise in 24-hour trading volume shows growing investor interest. CoinMarketCap data shows Bitcoin’s market cap growing to $1.4 trillion, confirming a market dominance of 53.2%.
Investors rave about Bitcoin ETFs
The consistent surge in Bitcoin ETF net inflows support the bullish outcome—in the process boosting investor confidence. According to ETF statistics from SoSoValue, the products cumulatively had about $887 million in net inflows.
So far, Bitcoin ETFs have reached $14.85 million in cumulative total inflows with BlackRock taking the top spot with $20.82 billion. Grayscale’s GBTC recently lost its position to IBIT amid continued outflows believed to be caused by high fees.
If this upward trend in ETFs continues, Bitcoin will regain momentum mirroring its performance in Q1 to a new record of $73,837. Positive inflows reinforce bullish sentiment in the crypto market preparing the market for big price moves.
What’s next if Bitcoin price erases resistance?
Bitcoin faces almost no resistance in its quest to reach new all-time highs. Based on IntoTheBlock blockchain data, put several solid support areas in place, confirming the bullish outlook.
A strong support is established between $68,730 and $70,833. About $1.89 million addresses bought 1.18 million BTC in the series and are unlikely to sell, especially while betting on Bitcoin price rising to $80,000 in June and to $100,000 by the end of the year.
The lack of robust resistance levels as illustrated by the small red circles in the pattern is another signal for a potential breakout this week. Should Bitcoin hit a new all-time high, FOMO would take over, driving the giant coin to unprecedented levels.
Bitcoin Price Prediction: Assessing the Technical Structure for Breakouts
Bitcoin is showing signs of correction to retest the $70,000 level, possibly due to profit taking and gathering more liquidity. Initial support is expected at $70,550—the previous day’s open.
Should Bitcoin breach this support, the lower leg will grab another chance to bounce back at $70,000. Further correction below this level could validate the downtrend, leading to more losses towards $67,000 support.
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.
The Bitcoin price prediction reveals that the current correction may be temporary as all three exponential moving averages (EMAs) rise in tandem with Bitcoin. A daily close above $71,000 and then $72,000 would strengthen the bullish grip, paving the way for a bigger correction to a new record high.
Bitcoin price has recently bounced off a descending trend line reinforcing the breakout of a descending triangle pattern. Supporting the bullish outlook are the 20-day EMA and the 50-day EMA.
The MACD on the daily chart supports the uptrend after sending a buy signal. Should BTC hold above $71,000 for the rest of the day, the chances of a new all-time high will increase significantly.
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