Bitcoin Price Holds Above $71K as Bullish Pattern Projects a Rally to $87K

The Bitcoin price remains unchanged at $71,267 as of 3:30 am EST, as inflows into BTC ETFs continue.

BTC is up 4% over the last week and 14% over the last 30 days. The largest cryptocurrency by market capitalization is also bullish on longer timeframes after posting 62% and 68% gains over six months and year-to-date, respectively.

With a daily trading volume of $26.3 billion and a market capitalization of $1.4 trillion, BTC retains its position as the most valuable cryptocurrency on the CoinMarketCap ranking.

Accompanying BTC’s performance over the last week is increasing institutional appetite toward spot Bitcoin ETFS. Data from Farside Investors shows that over $217 million were poured into spot Bitcoin ETFs on June 6.

BlackRock’s IBIT was the only fund with notable inflows totaling $350 million, with minor inflows of $3.1 million and $2 million into Fidelity’s FBTC and VanEck’s HODL.

Inflows into BlackRock’s ETF were reduced by massive outflows from 21Share’s ARKB and Grayscale’s GBTC totaling $96.6 million and $37.6 million, respectively.

The increased inflows show increased institutional exposure to spot Bitcoin ETFs, which in turn drives its price higher.

Are BTC bulls strong enough to scale the price higher?

Bitcoin price bullish triangle hints at an uptrend

From a technical standpoint, BTC’s price trades at the resistance horizontal of its prevailing ascending triangle pattern in preparation for a massive upward breakout.

The negative divergence from the RSI with respect to the price action suggests that the bears have not given up on sending the price lower.

A delay or denial could result in the price correction toward the triangle’s lower trendline near $67,500 and later toward the $66,500 to $65,500 demand zone where both the 100-day simple moving average (SMA) and the 50-day SMA lie.

On the other hand, a bullishness from the Bitcoin ETFs may cause an uptick in the entire crypto market, validating BTC’s ascending triangle setup.

The triangle’s near-term upside target is near the $87,000 psychological level, up 22% from current price levels.

The upward movement of both the EMAs and the RSI added credence to this positive outlook. The price strength at 63 suggested there were still more buyers than sellers in the market.