Bitcoin prices delighted investors on Friday with a strong recovery following recent fluctuations. This recovery was supported by positive inflows, particularly into spot Bitcoin exchange-traded funds (ETFs). According to the latest data, $1.3 billion was invested in ETFs this month, more than offsetting the $344 million outflow in the previous month. This contributed to restoring confidence in the cryptocurrency market and creating a positive atmosphere among investors.
The prediction of the famous crypto analyst Captain Faibik also strengthened this optimistic atmosphere. Captain Faibik predicts that Bitcoin may make a 25% upward rally by June, but states that Bitcoin must overcome certain resistance levels for this to happen. This prediction aroused great interest in the market and caused investors to reconsider their strategies.
Analysis Details
Captain Faibik's latest assessment points out that Bitcoin's upward trend is strengthening. According to the analyst, the $68,000 resistance level must be overcome for Bitcoin bulls to take control in the market. Exceeding this level is of great importance in terms of confirming technical formations.
According to this analysis, a strong bullish rally may begin in Bitcoin with a break of the $68,000 resistance level. In this case, the analyst predicts that Bitcoin could experience a value increase of up to 25% in June. Captain Faibik's optimistic forecast is based on historical price patterns and uptrends that are usually seen after breaking key resistance levels. However, the cryptocurrency market is still a fairly young and developing field, and therefore it can always be difficult to accurately predict future price movements.
As of now, Bitcoin is trading at $66,825 and is up 1.31% in the last 24 hours.
Bitcoin ETF'ler
The positive momentum in the market is supported by consistent inflows into Bitcoin ETFs, reflecting the optimism of institutional investors towards the cryptocurrency. Spot Bitcoin exchange-traded funds (ETFs) attracted $1.3 billion in inflows in May, more than offsetting last month's $344 million outflow.
In April, spot Bitcoin ETFs experienced significant outflows, with approximately $51.5 million withdrawn on April 29 alone. Grayscale's converted fund GBTC contributed greatly to these outflows. However, there was a remarkable turnaround in May; US spot Bitcoin ETFs recorded net inflows of $116.8 million on May 13, ending four weeks of net outflows.
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