Bitcoin rose 1.9% in the past 24 hours, trading above $71,000 and peaking at $71,735.
Analysts predict BTC could reach $75,000 due to recent market trends and economic signals.
In the last 24 hours, Bitcoin’s price has surged by approximately 1.9%, recently trading above $71,000 and reaching a peak of $71,735. This bullish momentum suggests that the cryptocurrency could climb even higher if BTC manages to break through the key resistance level at $72,000.
Despite a significant increase on May 19, which saw Bitcoin rise above $66,000 following declining prices, the cryptocurrency faced challenges maintaining its upward momentum earlier in the month. Bitcoin had previously dipped to $58,253, but the recent surge places it within a strong trading range.
Will Short Sellers Fuel Bitcoin Price to $75,000?
There is optimism that Bitcoin might reach a new all-time high next week, influenced by the lowest U.S. job openings in three years, a potential indicator of an economic slowdown. Additionally, the purchase of significant amounts of Bitcoin call options with strike prices above $74,000 expiring in June has led analysts to speculate that investors are anticipating a rise above this level by the month’s end.
Added to this positive outlook is a substantial increase in institutional investments in spot Bitcoin exchange-traded funds (ETFs) on June 5. Data from Sosovalue revealed that spot Bitcoin ETF issuers purchased $488.24 million worth of BTC in a single day.
However, breaking the $72,000 mark would be a significant development, as this level has been tested multiple times in recent weeks but has not yet been surpassed. Currently, BTC price is eyeing at $72,000 with the next key levels at $72,800 and a potential 5% rally from there to new all-time highs.
At the time of writing, Bitcoin’s price has slightly declined, fluctuating between $70,500 and $71,000. Maintaining prices above $70,000 prop up the recent bullish trend. However, if the bulls fail to sustain the price above $70,250, Bitcoin could see further declines, potentially dropping to $69,960 and $69,130, with a risk of falling to the $68,300 range.