As a researcher with several years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The recent surge past $71,000 for Bitcoin is an exciting development, fueled by significant Ethereum ETF activity and renewed investor interest.
The price of Bitcoin has broken through the $71,000 barrier, fueled by increased trading of Ethereum‘s spot exchange-traded funds (ETFs). According to on-chain data, we might be witnessing the beginning of a bull market. However, certain signs hint at potential peak formation.
As a crypto investor, I’ve noticed a recent surge in interest following a support bounce around the $60,000 mark. In fact, according to Farside Investors’ latest report, an impressive $950 million was poured into the market last week alone.
As a crypto investor, I’m closely monitoring the BTC/USDT daily chart, which currently displays Bitcoin trading at an price of around $71,000. The 20-day Exponential Moving Average (EMA) hovers at approximately $65,347.02. With a positive Relative Strength Index (RSI), this indicates a strong buying trend. Overcoming the resistance level at $68,000 suggests that Bitcoin could potentially surge towards $73,777. However, reaching this level might provoke bearish reactions from some investors.
Investors’ high returns on Bitcoin this year, amounting to over 50%, can be attributed to their anticipation of increased US monetary policy. This expectation is backed by the M2 money supply exceeding $21.0 trillion for the first time in April 2024.
As a crypto investor, I’ve noticed that the amount of Bitcoin (BTC) held in reserves by major exchanges has reached a seven-year low, with just 1,918,417 BTC currently available for trading. This trend is significant, as it highlights the increasing scarcity of Bitcoins following the recent halving event. The correlation between Bitcoin’s scarcity and its value becomes even more compelling in this context. It’s becoming increasingly challenging to dismiss the bullish outlook for Bitcoin, given these developments.
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2024-05-21 06:12