Bitcoin Bulls Eye $70K After Return to $66K

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Bitcoin investors are targeting a short-term price target of $70,000 after BTC briefly rose above $66,000 during the Asian day. Bitcoin later fell to $65,000 on the European morning, still 2.2% higher than 24 hours earlier. “The recovery in the bitcoin price suggests that the market is more optimistic about the near-term macro environment,” Lucy Hu, senior analyst at Metalpha, told CoinDesk in a message. “The market was encouraged by Donald Trump’s VP pick, which hinted at a more crypto-friendly administration and policies.” Bitcoin could also be benefiting from a more bullish sentiment as investors expect less selling pressure in the long term as Mt. Gox begins to repay creditors.

Bitcoin ETFs extended their seven-day winning streak on Tuesday, recording $422.5 million in inflows, the largest single-day tally since June 5. The lion’s share was captured by BlackRock’s IBIT, which raised over $260 million. The ETFs have collectively attracted over $1 billion in the past three days alone, underscoring the upward swing in confidence in bitcoin’s price prospects. The ETFs’ seven-day inflow streak coincides with a nearly 20% surge in BTC. With Donald Trump’s presidential prospects improving, the supply glut from the sell-off in the German state of Saxony is likely to be over and the crypto market is likely to catch up with the continued rally in tech stocks on Wall Street.

XRP has jumped over 12% in the past 24 hours, comfortably outperforming other crypto majors. The broader cryptocurrency market, as measured by the CoinDesk 20 Index, is up around 4.2%. XRP’s seven-day gains have now reached nearly 40%, snapping a streak of outperforming the rest of the digital asset market. “The reversal in sentiment in crypto has sent the once-largest altcoin into a bullish rally on steroids,” said Alex Kuptsikevich, senior market analyst at FxPro. The token’s gains began last week when CME and CF Benchmarks announced the launch of indices and benchmarks for XRP. The moves formed a triangle pattern on long-term price charts that some popular traders say could support bullish action in the coming weeks.

Chart of the Day

(Trade Outlook)

The chart shows the daily movements in the ratio between the dollar prices of ether and bitcoin since October 2023.

The rate is witnessing a volatility squeeze represented by a triangle consolidation ahead of the anticipated launch of a spot ether ETF in the US next week.

A potential breakout would mean Ether outperforming in the near term.

Source: TradingView

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– Omkar Godbole

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