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It's BIg & Big #alert About $BTC Eyes on $80,000 in June !!!!
Bitcoin Price Eyes $80,000 In June : Here’s Why
With a bullish recovery rally starting in the Bitcoin prices, the broader market sentiments pump up. Amidst the bull run, the altcoins are aiming for a trend reversal, with some outperforming tokens reaching all-time high levels.
As the market turns bullish, the BTC price surpassing the $70,000 mark overnight reveals massive demand. Further, the 27% surge in the trading volume bolsters the positive move and signals an uptrend continuation.
As the Bitcoin price surpasses the $70K level, the buyers are staying optimistic but cautious against a bull trap like the previous failed rally. Is the price jump a short-term rally, or will the BTC price reach the $80K mark?
Let’s examine our detailed price analysis for a clearer view of the BTC price trend. You can also check out our Bitcoin price prediction to determine the chances of Bitcoin hitting the $100,000 milestone this year.
Bitcoin Price Performance
With a short-term rounding bottom reversal, the BTC price shows a post-retest rally gaining momentum.
The Bitcoin price takes off from the broken resistance trendline of a flag pattern to surpass $70,000 with a morning star pattern.
With a streak of three bullish candles, the Bitcoin price is up by 5.67% in the last four days, challenging the $71,500 peak.
Furthermore, the bullish recovery surpasses the trend-based 50% Fibonacci level with a boom in trading volumes.
Currently, the BTC price trades at $71,262 with an intraday rise of 0.96%. This reflects a bullish trend continuation and heads for a new all-time high level.
The funding rate for Bitcoin stands at 0.02129407, revealing a solid bullish sentiment with long-side traders dominating and willing to pay premiums to shorts.
Furthermore, Bitcoin’s open interest has jumped by 15.76% over the last seven days to reach $19.4 billion. Thus, the uptrend in open interest supports the ongoing bullish price movement in the derivatives market.
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