Bitcoin prices had a strong performance on Friday, rebounding from recent declines to around $66,894.45. This recovery, coupled with positive inflows into spot Bitcoin exchange-traded funds (ETFs), attracted $1.3 billion in inflows this month, offsetting $344 million in outflows last month.
Notably, Captain Faibik, a well-known cryptocurrency trader, predicted a bullish rally of 25% by June if the key resistance level is cleared.
Bitcoin expected to rise 25% in June
According to Captain Faibik, Bitcoin bulls need to clear the $68,000 resistance level to confirm a bullish flag breakout. This technical pattern is often seen as a precursor to large price moves, and a break above this resistance could signal the start of a new uptrend.
Faibik predicts that once the $68,000 resistance level is breached, Bitcoin will see a strong bullish rally, with an additional 25% upside expected in June. This optimistic prediction is based on current market trends and historical price patterns, which often see significant upside moves after breaking through key resistance levels.
As of now, Bitcoin is currently trading at $66,843, up 2% in the past 24 hours. Despite the surge in price, trading volume has dropped by 9%, while the market capitalization has surged to $1.31 trillion.
Bitcoin ETF sees $1.3B inflows
Continued inflows into Bitcoin ETFs support the market’s positive momentum, suggesting that institutional investors are also bullish on the cryptocurrency’s prospects.
Spot bitcoin exchange-traded funds (ETFs) have experienced significant inflows in May, attracting $1.3 billion this month, offsetting $344 million in outflows last month.
Spot Bitcoin ETFs saw significant outflows in April, with around $51.5 million withdrawn on April 29 alone. Grayscale’s switch fund GBTC was the main contributor to these outflows. Nevertheless, May saw a notable turnaround, with U.S. spot Bitcoin ETFs recording $116.8 million in net inflows on May 13, ending four weeks of net outflows.
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