💥 Here's Why $BTC Can't Reach $70,000 - U.Today Analytics

Bitcoin is struggling to cross the $70,000 threshold for a number of reasons. The significant lack of purchasing power is one of the main causes. Bitcoin's price previously reached all-time highs due to significant capital inflows. A decreasing number of new purchasers are nevertheless willing to make these high-level investments, according to the state of the market. The lack of buying interest is making it difficult for Bitcoin to surpass the psychological $70,000 barrier. 

The change in institutional behavior is another important component. Institutions are now shifting money away from Bitcoin ETFs despite the fact that they were crucial to Bitcoin's earlier rallies. This change is partially the result of people looking for better returns in alternative asset classes or new developments in the cryptocurrency industry.

The potential price of Bitcoin is weakened by diminished institutional support because a significant portion of the buying pressure that raised prices came from these large-scale investors.  Furthermore, strong fundamental drivers that have historically sparked enormous bull runs are absent from Bitcoin at the moment. While the NFT craze played a similar role in 2021, the ICO boom in 2017 propelled Bitcoin to previously-unheard-of heights. There is currently no trend or invention like this propelling investor capital and enthusiasm toward Bitcoin on a large scale.  

The struggles of Bitcoin are also reflected in technical indicators. It appears that neither overbought nor oversold conditions exist as the Relative Strength Index (RSI) has been circling around neutral. This neutral RSI adds to the general sense of indecisiveness and uncertainty on the market, further impeding any meaningful price movement.