Sunday, June 23, 2024

Bitcoin Eyes $90,000 as Recent Price Jump Sparks Bullish Talk.

With Bitcoin up 14% in the last week, traders are now persuaded that this could be the “real deal market pump”; another pullback is not anticipated until the price approaches $90,000.

The convergence of fundamentals and technicals is why I think this is the “real deal market pump,” anonymous cryptocurrency trader “Roman” told Cointelegraph.

They said that the 21% dip in Bitcoin’s price to $58,000 on May 2 from its all-time high of roughly $73,738 was a “much-needed correction for higher prices in the future.”

Roman cited this week’s “bullish reversal pattern” on the Bitcoin BTC $69,766 price chart as a reliable sign that the cryptocurrency won’t enter another consolidation phase until it has surpassed its all-time high of $73,679 on March 12 by at least 20%.

A spinning top candlestick close to the bottom of the downtrend on May 20, ending at $66,278 in CoinMarketCap data, indicated the bullish reversal pattern.

As of this writing, Bitcoin was trading for $70,140.

The US Securities and Exchange Commission (SEC) may be pushing to authorize spot Ether ETH $3,759 exchange-traded funds (ETFs), despite doubts expressed by analysts and the general public in recent weeks. This is the reason behind the current surge in the price of bitcoin.

As a result, the mood in the market became positive, and in only one day, the Crypto Fear and Greed Index increased by 12 points, hitting an “Extreme Greed” score of 76 on May 21.

Following news that the SEC had asked applicants for Ether ETFs to expedite their 19b-4 submissions on May 20, favorable sentiment spiked.

John Glover, chief investment officer at Ledn, expressed amazement at the way the speculation affected the price of Bitcoin.

It is intriguing to me that this drove up the price of BTC as well; as Glover told Cointelegraph, there should be no effect on BTC demand from an SEC clearance for ETH. It makes perfect sense that ETH surged higher on this news.

Glover predicted that before hitting new record highs, there would be some instability.

According to Glover, there is likely to be some profit-taking in the market, which will cause BTC prices to drop from the $71,000 threshold in the coming days.

According to CoinGlass liquidation data, cryptocurrency traders are expecting a minor decline in the price of Bitcoin before it resumes its upward trajectory, even with the recent improvement in market sentiment.

A just 1% increase to over $71,000 would result in short position liquidations of about $766.73 million. Conversely, a 1% decline to about $69,400 would free up $101.54 million in long-term holdings.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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