Bitcoin Bulls Hold Steady at $60,000; Ether Potentially Eyeing $15B Inflow
Summary:
Bitcoin is hovering around $60,000, with bulls trying to maintain this level and not waiting for a dip to $56,552 to buy more. However, the inability of Bitcoin to rise past $73,777 has led to a drop in positive sentiment across social platforms. Meanwhile, Bitwise's CIO predicts $15 billion inflow into Ether spot ETFs within 18-months of launch. Bitcoin could either recover to $64,602 or fall to $56,552. Various other cryptocurrencies like Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu show fluctuating trends.
Bitcoin has been hovering around $60,000, with market bulls appearing eager to maintain this price level, opting not to wait for a fall to $56,552 to purchase more. Data from Farside Investors implies that Bitcoin spot ETFs are seeing a resurgence, with an uptake in net inflows observed over the last three days. However, the failure of Bitcoin to exceed $73,777 has contributed to a decline in optimistic sentiment across social media channels, as illustrated by Santiment data. This drop-off in market enthusiasm could suggest a market bottoming out, according to the cryptocurrency analysis firm. Coin360's daily crypto market overview shows Bitcoin and selected other cryptocurrencies are attracting positive speculation, as detailed by Matt Hougan, Bitwise Chief Investment Officer. He predicts spot Ether, for instance, could see a massive $15 billion inflow within a year and a half of launching. However, predictions around Bitcoin's performance seem less certain, with it potentially climbing to $64,602, or the bears dragging it down to $56,552. Currently, Bitcoin's price remains unstable, with indications it could surge to $64,602 if it surpasses the $62,500 price mark. Should it fall below the $60,000 mark, this could instead indicate that the bears are dominating, likely resulting in a collapse to $56,552. The situation with other cryptocurrencies like Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu also varies, with trends moving in both positive and negative directions. While this data provides a snapshot of potential developments, it's not financial advice. All financial decisions involve a degree of risk and investors are encouraged to conduct independent research.
Published At
6/28/2024 11:00:00 PM
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