Bitcoin (BTC) surged approximately 1.5% in the past 24 hours, reaching $61,700 on June 28. This upward trend is fueled by several factors, including renewed inflows into Bitcoin exchange-traded funds (ETFs), VanEck's new Solana ETF application, and weaker inflation data expectations.
Bitcoin ETFs See Resurgence: Following three consecutive days of inflows, U.S.-based Bitcoin ETFs have seen a renewed appetite for risk, signaling a potential shift in market sentiment.
VanEck's Solana ETF Application: VanEck's recent filing for a spot Solana ETF has added further momentum to the crypto market. With two pending crypto ETF applications with the SEC, VanEck is making a significant push into the U.S. crypto market.
Weaker Inflation Data Expectations: The anticipation of lower inflation readings, potentially allowing the Fed to cut interest rates in 2024, has positively impacted investors' risk appetite, leading to a boost in asset classes like crypto and stocks.
Bitcoin Consolidation and Pennant Pattern: While Bitcoin is currently experiencing a rally, it's essential to note that this is part of its ongoing consolidation trend, which is forming a pennant pattern. A break below the pennant's lower trendline could lead to a bearish continuation, with a potential downside target of $56,250.
Potential for Breakouts: A decisive break above the resistance levels, including the 50-4H exponential moving average (EMA) and the descending trendline, could invalidate the bear pennant and propel Bitcoin towards the 200-4H EMA, potentially reaching around $65,000.
Comments
Join Our Community
Sign up to share your thoughts, engage with others, and become part of our growing community.
No comments yet
Be the first to share your thoughts and start the conversation!