๐ฅBitcoin Analysis: Will BTC Succeed Above $71K?
๐ On June 5, Bitcoin's dynamics shifted from sluggish to abrupt volatility, reaching $71,540 at the time of writing.
๐ผ Positive two-week ETF netflows hit a record $886.75 million on June 4, led by Fidelity's $379 million inflows, prompting Bloomberg analyst Eric Balchunas to describe it as a "tidal wave."
๐ BlackRock's IBIT also saw significant inflows, accumulating $274 million, while ARK Invest's ARKB collected nearly $139 million of BTC.
๐ฐ Speculative interest in Bitcoin surged as decent metrics emerged, with Willy Woo and others predicting a potential new all-time high (ATH) above $75,000.
๐ However, conditions must align for Bitcoin to reach $74,000, including turning $72,000 resistance into support, as noted by analysts like RektCapital.
๐ On-chain data and chart analysis support bullish sentiment, with Bitcoin's price testing higher boundaries and RSI indicating bullish momentum in the long term.
๐ In the short term, Bitcoin's price struggles to maintain levels above $69,000 resistance, consolidating within a symmetrical triangle pattern in the 4-hour chart.
