Bitcoin, the preeminent cryptocurrency by market capitalization, has achieved its second-highest weekly close ever recorded. The digital asset closed Sunday at $69,640 after navigating a turbulent week. On June 7, Bitcoin’s price reached $71,949, marking its highest level since May 21. However, it failed to break the $72,000 resistance level due to stronger-than-expected U.S. job gains reported in May. The robustness of the labor market may discourage the Federal Reserve from reducing interest rates soon. Cryptocurrencies, often considered risk assets, typically thrive under a more relaxed monetary policy.
Despite facing macroeconomic challenges, Bitcoin enthusiasts are optimistic about reclaiming the $70,000 threshold. As of now, the cryptocurrency is trading at $69,540 on the Bitstamp exchange. Significant inflows into spot-based Bitcoin exchange-traded funds (ETFs) last week seem to be a key bullish driver for the market.
However, Bitcoin remains range-bound for the time being. Galaxy Digital CEO Mike Novogratz noted that Bitcoin would need to surpass the $73,000 resistance level to enter a new trading range and potentially reach the $100,000 milestone. “It would have to surpass the $73,000 resistance level in order to be able to enter a new range and eventually surpass the $100,000 level,” Novogratz said.
Bitcoin recorded its highest weekly close of $71,285 in March after hitting its current all-time high of $73,794 on March 11. Following this peak, the cryptocurrency underwent a sharp correction. On May 1, it dropped to $56,500 due to the dual impact of declining ETF flows and stagflation concerns highlighted by influential figures like JPMorgan CEO Jamie Dimon. “Stagflation concerns fueled by such big names as JPMorgan CEO Jamie Dimon” contributed to the drop. Despite Bitcoin’s recovery, it has yet to establish a stable position above $70,000. According to U.Today, the distribution of Bitcoin by long-term holders to new ETF investors might be the primary reason why the bulls have not regained full control. “Long-term Bitcoin holders distributing their acquired coins to new ETF holders might be the key reason why the bulls are not in control just yet,” as reported by U.Today.
Bitcoin, the world’s foremost cryptocurrency by market capitalization, secured its second-highest weekly close on record, finishing Sunday at $69,640 after a notably volatile week. On June 7, Bitcoin’s price surged to $71,949, its highest point since May 21, yet it couldn’t breach the $72,000 resistance level due to stronger-than-anticipated U.S. job gains in May. The strength in the labor market could deter the Federal Reserve from lowering interest rates in the near future, as cryptocurrencies like Bitcoin often benefit from more lenient monetary policies.
In the face of these macroeconomic headwinds, Bitcoin proponents remain hopeful about the cryptocurrency reclaiming the $70,000 mark. Currently, Bitcoin trades at $69,540 on the Bitstamp exchange. Substantial inflows into spot-based Bitcoin exchange-traded funds last week appear to have significantly buoyed the market.
Nevertheless, Bitcoin continues to be range-bound. Galaxy Digital CEO Mike Novogratz stated that Bitcoin would need to overcome the $73,000 resistance level to enter a new trading range and eventually aim for the $100,000 mark. “It would have to surpass the $73,000 resistance level in order to be able to enter a new range and eventually surpass the $100,000 level,” said Novogratz.
In March, Bitcoin achieved its highest weekly close of $71,285 after reaching its all-time high of $73,794 on March 11. This was followed by a steep correction. On May 1, Bitcoin plummeted to $56,500 due to the combined effects of slowing ETF flows and stagflation fears raised by prominent figures like JPMorgan CEO Jamie Dimon. “Stagflation concerns fueled by such big names as JPMorgan CEO Jamie Dimon” contributed to the decline. Although Bitcoin has rebounded, it has not yet managed to secure a position above the $70,000 level. As per U.Today, long-term Bitcoin holders distributing their coins to new ETF investors might be a crucial factor in the bulls’ struggle for dominance. “Long-term Bitcoin holders distributing their acquired coins to new ETF holders might be the key reason why the bulls are not in control just yet,” U.Today reported.
Bitcoin, leading the cryptocurrency market by capitalization, reached its second-highest weekly close ever at $69,640 on Sunday after a week of volatility. On June 7, the cryptocurrency’s price peaked at $71,949, its highest since May 21, but failed to surpass the $72,000 resistance level due to stronger-than-expected U.S. job gains reported in May. The labor market’s strength might inhibit the Federal Reserve from reducing interest rates soon, which typically benefits risk assets like cryptocurrencies.
Despite macroeconomic challenges, Bitcoin bulls are optimistic about regaining the $70,000 level. The cryptocurrency is currently trading at $69,540 on the Bitstamp exchange. Significant inflows into spot-based Bitcoin ETFs last week appear to be a major bullish factor for the market.
For now, Bitcoin remains within a trading range. Galaxy Digital CEO Mike Novogratz mentioned that Bitcoin needs to break through the $73,000 resistance level to enter a new range and potentially surpass $100,000. “It would have to surpass the $73,000 resistance level in order to be able to enter a new range and eventually surpass the $100,000 level,” Novogratz stated.
In March, Bitcoin achieved its highest weekly close of $71,285 after hitting its all-time high of $73,794 on March 11, followed by a sharp correction. On May 1, Bitcoin dropped to $56,500 due to the combined impact of reduced ETF flows and stagflation concerns highlighted by figures like JPMorgan CEO Jamie Dimon. “Stagflation concerns fueled by such big names as JPMorgan CEO Jamie Dimon” played a role in this decline. Although Bitcoin has recovered, it has not yet established a solid footing above the $70,000 mark. U.Today reported that long-term Bitcoin holders distributing their coins to new ETF investors might be a key reason why the bulls have not taken full control. “Long-term Bitcoin holders distributing their acquired coins to new ETF holders might be the key reason why the bulls are not in control just yet,” as reported by U.Today.
Bitcoin, the top cryptocurrency by market cap, ended Sunday at $69,640, its second-highest weekly close to date, after a week of significant volatility. On June 7, Bitcoin’s price hit $71,949, its highest since May 21, but couldn’t break the $72,000 resistance level due to stronger-than-expected U.S. job gains in May. This robust labor market might prevent the Federal Reserve from lowering interest rates soon, a situation that usually favors cryptocurrencies, considered risk assets.
Despite these macroeconomic obstacles, Bitcoin supporters are optimistic about reclaiming the $70,000 level. Currently, Bitcoin is trading at $69,540 on the Bitstamp exchange. Massive inflows into spot-based Bitcoin ETFs last week seem to be a major bullish catalyst for the market.
However, Bitcoin remains range-bound for now. Galaxy Digital CEO Mike Novogratz stated that Bitcoin would need to break the $73,000 resistance level to enter a new range and eventually exceed $100,000. “It would have to surpass the $73,000 resistance level in order to be able to enter a new range and eventually surpass the $100,000 level,” Novogratz commented.
In March, Bitcoin logged its highest weekly close of $71,285 after reaching its all-time high of $73,794 on March 11. Following this peak, the cryptocurrency experienced a steep correction, plunging to $56,500 on May 1 due to slowing ETF flows and stagflation concerns highlighted by influential figures like JPMorgan CEO Jamie Dimon. “Stagflation concerns fueled by such big names as JPMorgan CEO Jamie Dimon” contributed to this decline. While Bitcoin has recovered since, it has not yet managed to establish itself above the $70,000 mark. According to U.Today, the distribution of Bitcoin by long-term holders to new ETF investors might be a key reason why the bulls are still not in full control. “Long-term Bitcoin holders distributing their acquired coins to new ETF holders might be the key reason why the bulls are not in control just yet,” as reported by U.Today.
