Bitcoin price prediction: BTC marches to all-time highs amid $886M record inflows

Bitcoin price prediction: BTC marches to all-time highs amid $886M record inflows

The Bitcoin price trades up 3% on the day to exchange hands at $70,963 as of 1:00 am EST. The  BTC rose from a low of $58,542 on June 4 to an intra-day high of $71,300 on June 5, according to data from TradingView.

The big crypto is now 4% higher than its price seven days ago and up 11% over the last month.

BTC’s performance follows increased inflows into U.S. spot Bitcoin ETFs, which have recorded a streak of inflows over the last three weeks. Data from Farside Investors shows that the spot Bitcoin ETFs saw $886.6 million inflows on June 4, the second-best-ever. 

The highest net inflows into the funds were seen on March 13, when they took in a record $1.04 billion. Bitcoin went on to hit a record high of $73,835 on March 14.

Bitcoin ETF flows table. Source: Farside Investors
Bitcoin ETF flows table. Source: Farside Investors

The Farside Investors data also shows that the largest inflows went into the Fidelity Wise Origin Bitcoin Fund (FBTC), at $378.7 million, while BlackRock’s iShares Bitcoin Trust (IBIT) was second, at $274.4 million.

The data also reveals that the ARK 21Shares Bitcoin ETF (ARKB) was the third-best performer, with $138.7 million in net inflows.

Grayscale Bitcoin Trust (GBTC) had minimal inflows of $28.2 million, the seventh time it’s seen an inflow since the spot Bitcoin ETFs were launched on Jan. 11.

Can Bitcoin price breach the resistance at $72,000?

A look at the daily chart below shows that Bitcoin price us trading just below the $71,000 mark while fighting immediate resistance from the $72,000 level.

The 50-day simple moving average (SMA) had begun tipping upward, a sign that buying was picking up. The moving averages also provided areas of strong support on the downside

The relative strength index (RSI) was also facing upward and the price strength at 62 suggested that the market conditions still favored the upside.

As such, the price could rise from the current levels, rising above $72,000 toward the all-time high of $73,835. Such a move will confirm a break out of consolidation for the flagship cryptocurrency, and the price enters price discovery.

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

On the downside, a daily candlestick close below $70,000 would suggest that the buyers are unable to sustain the higher levels. As such, the BTC price will drop toward the $68,000 psychological level.

Lower than that, the $66,250 to $65,280 demand zone will provide support for the buyers. Note that this is where the 50-day and 100-day SMAs currently sit.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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