Will Bitcoin recover to $70k amid FOMC cool-down? – perspective by CoinGape
Bitcoin price traded around $67,405 during European business hours on Wednesday, a 0.2% drop in the last 24 hours.
BTC price action is trending above the 50-day and 20-day simple moving averages (SMA), which is a bullish indicator for Bitcoin investors. The June 12 daily candle is also showing signs of a struggle and indecision between the bull and the bears.
The asset has been trending inside a consolidation zone for the past four weeks. Despite the slide in price, Bitcoin fundamentals remain strong, with BTC Spot ETF total cumulative flow surpassing $292 billion. This signals round 2 of massive accumulation. For comparison, the first round of BTC ETF accumulation saw Bitcoin surge from $38,000 to $73,000.
With this important metric underway, and with dovish comments from FOMC officials, Bitcoin price may hit and surpass $70,000 this week.
