Bitcoin Price Prediction: BTC at $71,600; Potential $80K Surge Amid ETF Inflows
Bitcoin (BTC) recently broke out of its recent $60,000 to $70,000 trading range and hit an intraday high of $71,671. However, it was unable to maintain its position above $71,000 and has lost some of its gains, falling to around $70,900.
Nonetheless, it can still be considered bullish as it has broken out of its recent barrier of $70,000. Meanwhile, the options traders expect Bitcoin (BTC) to experience a significant increase in value, potentially reaching $80,000 before the month ends, considering that it is currently only less than 4% away from its highest historical price.
However, the popular altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin (LTC) all saw gains as the Market Fear & Greed Index hit 78( Extreme Greed) out of 100. The global crypto market cap was at $2.64 trillion, with a 24-hour gain of 0.40%.
However, the upward trend can be attributed to multiple factors, including increasing inflows in Bitcoin spot ETFs and rising open interest in the futures market. Additionally, rising Fed rate cut bets are keeping US bond yields depressed, weighing on the US dollar and contributing to gains in BTC price.
The US dollar has been losing strength as markets anticipate an upcoming rate cut by the Federal Reserve due to a slowing economy. This has led to US Treasury bond yields dropping to their lowest levels in over two months. Recent weak US macroeconomic data has reinforced expectations that the Fed will start cutting interest rates later this year, further depressing bond yields.
In May, the ADP reported that US private sector employment increased by 152,000, falling short of the expected 173,000 and down from the previous month’s revised 188,000.
⚠️Breaking!
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