Bitcoin Price Prediction: BTC Holds at $69K as $2B Inflows Come in

Bitcoin Price Prediction: BTC Holds at $69K as $2B Inflows Come in

The Bitcoin price is trading at $69,008 as of 2:00 am EST, up 0.25% over the last 24 hours. The big crypto is barely changed on the day, reflecting the performance of the broader crypto market which has increased by only 0.14% to 2.56 trillion.

Despite this drab performance, Bitcoin is still bullish as institutional interest in the big crypto remains high.

A report from CoinShares reveals that inflows into crypto investment products reached $185 million last week after four consecutive weeks of inflows. These inflows topped $2 billion in May, with the total year-to-date inflows surpassing $15 billion for the first time ever, according to the report published on June 3.

This surge in inflows is largely attributed to institutions and long-term investors increasing their exposure to spot Bitcoin ETFs.

CoinShares head of research James Butterfill said:

“Bitcoin saw inflows totaling US$148m, while short-bitcoin saw another week of outflows totaling US$3.5m, suggesting sentiment among ETF investors remains positive.”

Capital flows for crypto investment products. Source: CoinShares
Capital flows for crypto investment products. Source: CoinShares

Drawing from this positive sentiment, traders and analysts believe that Bitcoin is still in the bull market and that its “up only” trend remains intact.

Independent analyst Titan of Crypto observed that the “month after the halving has always been a bullish month for BTC,” adding that the months ahead are “exciting.”

“After nearly 100 days of consolidation, it looks like #Bitcoin is ready to embark on the next leg higher,” declared trader Jelle in a June 4 post on X.

Bitcoin price analysis

At the time of publication, Bitcoin’s price was fighting resistance from the $70,000 psychological level. The long upper wick on yesterday’s candlestick shows how aggressively bears are defending this level.

A clear move above this level would see the price of the pioneer cryptocurrency rise to confront resistance from the $72,000 level and later the all-time high at $73,835.

Breaching this level would usher Bitcoin into price discovery, with the bulls setting their eyes on the much coveted $80,000 level. Such a move would represent a 15% uptick from the current level.

BTC/USD daily chart. Source: TradingView
BTC/USD daily chart. Source: TradingView

On the downside, a drop below the immediate support at $68,000 will bring the 200-day simple moving average (SMA) and the 50-day EMA at $66,071 and $65,110, respectively, into the picture.

BTC’s downside remains capped at $60,000 for the short term. This is where the price might pause, giving the bulls time to buy more on the dip and regroup before making another attempt at recovery.

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