๐ค3 Top Factors Driving Bitcoin Price Rally In June
๐ฐ Bitcoin touched $70,000 on Monday but retreated, reflecting investor uncertainty. Despite this, a long-term bullish outlook remains supported by increasing digital fund inflows, ETFs, and upcoming elections.
๐ The approval of Ethereum ETFs in May reignited investor interest, pushing Bitcoin to $72,000 before correcting to test support at $67,000. Ethereum also reacted positively, hovering around $3,830.
๐ Bitcoin's potential uptrend revival above $70,000 could shift trader outlook to a new all-time high of $73,837 and subsequently $80,000.
๐ Several factors drive the potential rally in June, including four consecutive weeks of increasing digital asset fund flows.
1๏ธโฃ Weekly digital asset fund flows hit $185 million last week, totaling $2 billion in May and $15 billion year-to-date. Bitcoin led with $148 million in inflows, while Ethereum saw a surge to $33.5 million after the SEC's approval of spot ETFs.
2๏ธโฃ Bitcoin futures market open interest surged to $38.8 billion, indicating positive market sentiment. The Chicago Mercantile Exchange leads with $10.5 billion, followed by Binance and Bybit.
3๏ธโฃ Bitcoin presents solid technicals, with a potential breakout above $70,000. The 20-day EMA at $67,430 reinforces support, and a bullish MACD signal may emerge. Closing above $70,000 would confirm the uptrend.
๐ก Despite near-term fluctuations, Bitcoin's potential to reach new highs, possibly $100,000, is supported by positive fund inflows, ETFs, and US elections.