Within the last 24 hours, the price of Bitcoin (BTC) has risen by 0.95% per data from CoinMarketCap. Compared to the trend from earlier in the day, BTC is now showing the presence of renewed sentiments.
At the time of this writing, the coin had moved up slightly to trade at $64,264.97 after dwelling in the “red” bearish zone for the greater part of this week. While a number of events may have fueled this sudden price surge, three crucial reasons stands out.
Bitcoin Price Might Soar as Bears Are Exhausted
This past week saw a number of Bitcoin selloffs including the dormant Bitcoin wallet that moved 25,000 BTC in six separate transactions recently. There are speculations that this BTC has stayed in this account for about 3 to 5 years but all of a sudden, the single wallet address transferred over 25,000 BTC worth over $1.6 billion.
CryptoQuant verified on-chain analyst Maartunn also noted that an unknown entity made two large transfers. Cummulative, this whale moved more than 11,000 BTC in two transactions. These movements are all indicative of a selloff .
However, as it stands bears might be exhausted per the extended drawdown over the past week. As such, buying Bitcoin now becomes a natural market trend, a move that could be fueling the coin’s price recovery.
Spot Bitcoin ETF Outflows Reboot
Similarly, spot Bitcoin ETF issuers have recorded severe outflows that they are hopeful of a reboot in the coming week. According to data from Farside Investors, these ETFs faced a total outflow of $545 million in the past week, sparking concerns over Bitcoin’s near-term performance. Even the substantial outflows from the Bitcoin ETFs, coupled with sluggish Bitcoin trading activity has led many to speculate about a possible price dip.
The stance of spot Bitcoin ETF issuers and investors is one of optimism, citing that a season of inflows will follow the dark times of outflows.
Spot Ethereum ETF Trading Prospects
There is also the case of spot Ethereum ETFs and what the new week holds for this new proposed rule change. Applicants have filed their S-1 amendments and are waiting for the United States Securities and Exchange Commission (SEC) to approve the trading. Though, there are speculations that the approval may finally come in the first week of July, filers may not have to wait for that long.
The SEC recently dropped its investigation into Ethereum 2.0 in the case with ConsenSys and this may mean well for spot Ethereum ETF and consequently Bitcoin too.
Per the new market outlook, the prediction of $100,000 may still be possible in the mid-term.
Read More: Bitcoin IFP Data Signals Potential Price Rally
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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