Amid rising volatility in the crypto market, the global valuation has surpassed the $2.10 trillion mark with a jump of 3.09% in 24 hours and a total trading volume of $67.04 billion. The market leader, Bitcoin, has reclaimed its significant psychological mark of $60,000. This renews hopes for Bitcoin to achieve $100k this year.
Bitcoin Price Surge
With a jump of 3.51% over the past day, the price of Bitcoin has successfully reclaimed $60,000. Moreover, with a trading volume of $32.57 billion, it has recorded a high of $60,656.72. Notably, it has surged 10.54% over the past week and has a YTD return of 41.96%. The Simple Moving Average (SMA) has recorded a bullish curve in the BTC price chart, indicating increased bullish action in the market. The RSI indicator has recorded a sharp uptrend above the mid-point in the 1D time frame. Further, with the average trendline supporting the price chart, the Bitcoin price suggests a positive outlook.
Bitcoin ETF Update
Over the past 24 hours, 7 out of 11 BTC ETFs have recorded a positive flow. Fidelity recorded the highest flow with $102.1 million, followed by Ark with $99.3 million. Bitwise added $43.1 million, Grayscale added $6.7 million, whereas Franklin, VanEck, and Valkyrie added $5.2M, $5.1M, and $1.7M respectively. Notably, no Bitcoin ETFs have recorded a negative flow during this period. The total flow for the day concluded at $263.2 million, highlighting an increased bullish action in the market.
Bitcoin Price Forecast for the End of the Month
If the market holds the Bitcoin price above its support level of $60,000, the bulls will prepare to test its upper level of $62,000. Maintaining the price can set the stage for the market leader to head toward its upper resistance level of $66,000 by the month-end. Conversely, a trend reversal could result in retesting its support trendline of $58,000. If bearish sentiment intensifies, the Bitcoin price could plunge toward its lower support level of $55,000.
Bitcoin's reclaiming of the $60,000 mark has significantly impacted the crypto market, enhancing bullish sentiments. Investors are now focused on the prospects of further growth and attaining new highs in the near future.
Comments