Key Insights

• Bitcoin's price stability above $60,970 indicates a strengthening market sentiment. Analyst Zen suggests potential price corrections to $60,150 or $53,000 based on liquidity trends.
• Recent 24-hour data shows a 1.34% price increase, with Bitcoin trading at $61,571. This rise highlights a positive market outlook, with a market cap of $1.214 trillion and a daily trade volume of $22.06 billion.

Price Analysis

• Bitcoin has established support at $60,970 and resistance at $62,000 and $62,250. The recent climb above $61,500 indicates a favorable stance, surpassing key levels as per Zen's forecast and stabilizing within the $60,622 - $59,600 range.

Zen's Projections

• Zen anticipates a potential price bounce if Bitcoin remains above specified levels. He foresees a potential dip to $60,150, attributing it to cleared liquidity below $60,630 and low trading volume during night hours. Evaluating chart trends, Zen suggests a mixed though potentially bullish outlook in the medium term.

• Additionally, Zen raises the speculative scenario of Bitcoin dropping to $53,000, aligning with monthly patterns. However, this remains a conjectural possibility requiring over a 10% price drop.

Inflows Analysis

• Inflows have shown notable variations, particularly with peaks in late April and early June, often coinciding with price changes. Elevated Bitcoin inflows to exchanges signal potential price volatility. Notably, increased inflow volumes and transactions from 8 to 22 April corresponded with a price drop from $71,078 to $58,282.

• Spikes in inflow volumes and transaction counts in late April and early May correlated with price peaks near $64,680 and $67,879. Early June witnessed heightened metrics while Bitcoin traded around $61,481, reflecting current price levels and providing markers for future market fluctuations.