Bitcoin Price Forecast: $71,000 Projected Amid $61 Billion ETF Inflows & U.S. Economic Data Shifts
Bitcoin (BTC/USD) is currently positioned around $71,000, showing a slight decline of 1%. Despite this, the critical pivot point at $70,600, highlighted by the green line on the chart, serves as a significant indicator for traders anticipating a positive change in cryptocurrency price forecasts.
Driven by recent developments in U.S. economic data and the unprecedented inflows into spot Bitcoin ETFs, digital currency continues to capture attention.
Spot Bitcoin ETFs See Surge with $61 Billion in Holdings Amid Record Inflows
U.S. Spot Bitcoin ETFs have demonstrated remarkable performance, continuously attracting investments over the past 16 days. On a notable trading day, these ETFs gathered $886.6 million, marking the second-largest daily inflow since a record $1.04 billion on March 12, 2024. This particular day’s inflow represented 85.25% of the March peak.
Leading the inflows, Fidelity’s FBTC secured $379 million, followed by BlackRock’s IBIT with $274 million, and Grayscale’s GBTC adding $28 million. Collectively, the trade volume on that day reached $2.49 billion.
Current Holdings: BlackRock’s IBIT stands as the largest holder with 295,457.46 BTC valued at approximately $20.96 billion. Other Major Holders: Grayscale’s GBTC and Fidelity’s FBTC hold 285,069.81 and 165,232.89 BTC respectively. Total Assets: Altogether, 11 U.S. spot bitcoin ETFs manage 866,435.19 BTC, valued at over $61 billion.
The continuous inflows into U.S. spot Bitcoin ETFs indicate a growing investor confidence, potentially boosting Bitcoin’s price due to increased demand.
U.S. Economic Data Indicates Mixed Impact on Bitcoin Price Forecasts
On June 5th, the ADP Non-Farm Employment Change reported 152,000 new jobs, falling short of both the expected 173,000 and the previous 188,000. This could imply a cooling labor market, typically a bearish sign for market sentiment but potentially bullish for Bitcoin as investors might explore alternative investments.
Conversely, the U.S. Services sector exhibited resilience, with the Final Services PMI maintaining a stable reading of 54.8, indicating robust service industry activity. Particularly noteworthy, the ISM Services PMI surpassed expectations at 53.8, compared to the forecasted 51.0 and prior 49.4, showcasing stronger-than-anticipated economic health.
Impact of These Indicators on Bitcoin Price Forecasts:
Labor Market Dynamics: The slower-than-expected job growth could drive a shift towards non-traditional assets like Bitcoin, especially if concerns about an economic slowdown prompt investors to diversify.
Strong Services Sector: A resilient service sector could offset this effect, suggesting strength in the broader economy that might bolster a stronger dollar and potentially limit Bitcoin’s attractiveness as a safe haven.
Bitcoin Price Forecast: Analyzing U.S. Session Trends
Bitcoin (BTC/USD) is presently trading at $70,900, showing a modest 1% decline. However, the pivot point at $70,600 remains crucial for today’s trading, indicating an optimistic Bitcoin price forecast.
Above this pivot point, immediate resistance is at $71,800, followed by $72,500 and $73,100. On the downside, immediate support is seen at $70,600, with additional support levels at $69,650 and $68,500.
The recent breakout of the symmetrical triangle above the $70,600 mark continues to provide support to Bitcoin. The 50-day Exponential Moving Average (EMA) at $69,000 and the Relative Strength Index (RSI) at 66 both support a buying trend.
A double top pattern is forming near the $71,800 level, extending resistance. However, a surge in buying momentum could propel Bitcoin to breach this resistance and target the next level of $72,500.
In Conclusion: Consider buying above $70,600 and monitor for potential upward movement towards $71,800 and $72,500. A drop below $70,600 may signal a bearish trend.
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