#ETFs buy 3X new #BTC supply — 5 Things to know in Bitcoin this week
Bitcoin is facing renewed calls for a supply shock as exchange reserves hit seven-year lows, and BTC price action focuses on final resistance.
Bitcoin
BTC
tickers down
$67,047
starts a new week in fighting form as $67,000 returns with TradFi markets.
The largest cryptocurrency is edging closer to a rematch with final resistance around all-time highs past and present at $69,000 and $73,800.
Whether it gets there in the coming days is the main preoccupation facing market participants, and various factors could contribute to a bullish continuation.
These include United States economic policy cues as the Federal Reserve releases minutes from its May meeting, while U.S. unemployment data is also waiting in the wings.
When it comes to BTC price action, traders are getting ever more confident that a local bottom has come and that upside is what should result after two months of consolidation.
Meanwhile, a refreshing divergence may be playing out — prices are higher, but sentiment is lingering around lower levels than during the March peak.
Could a more sustainable journey to price discovery be on the cards?
Against this backdrop, Cointelegraph takes a closer look at the issues surrounding Bitcoin