Crypto traders are increasingly optimistic as Bitcoin surged above $71K yesterday, and Ethereum climbed to $3,770 for the first time in ten weeks.
Amidst this bullish trend, many weak hands may panic sell, but just a touch of FUD could set the stage for a new Bitcoin all-time high.
🤑 #Buy calls are high among #crypto traders with #Bitcoin ascending above $71K yesterday and #Ethereum above $3,770 for the first time in 10 weeks. Ideally, many weak hands #panicsell here. Just a bit of #FUD can help justify a new $BTC #AllTimeHigh. https://t.co/hlyfgas43k pic.twitter.com/zrr7nCADm4
— Santiment (@santimentfeed) May 21, 2024
Bitcoin encountered minimal resistance in its recent ascent. A critical supply zone to watch is between $70,180 and $70,600, where over 450,000 addresses acquired 273,000 BTC. This strong support level favors the bulls and suggests further gains are likely.
#Bitcoin encounters minimal resistance! The key supply zone to watch is between $70,180 and $70,600, where over 450,000 addresses acquired 273,000 $BTC. With strong support levels, the odds are in favor of the bulls! pic.twitter.com/ecdqbb414l
— Ali (@ali_charts) May 22, 2024
According to the MVRV Pricing Bands, if Bitcoin continues to trade above $65,125, the next local BTC top could reach around $77,593 before experiencing a brief correction. This metric highlights the potential for continued upward momentum as Bitcoin remains above key support levels.
Based on the MVRV Pricing Bands, if #Bitcoin continues to trade above $65,125, the next local $BTC top before a brief correction could be around $77,593! pic.twitter.com/gZnkIYzCvq
— Ali (@ali_charts) May 22, 2024
Bitcoin BTC ETF Inflow Stays Positive For Consecutive 7 Days
The Bitcoin ETF market has also shown robust activity. On May 21, 2024, the net inflow summed up to +$307 million, marking the seventh consecutive day of positive inflows. Notably, BlackRock’s single-day inflow rebounded to $291 million, the highest level in the past 32 trading days. However, Grayscale’s GBTC experienced zero flow, following four days of inflows.
🚨 $BTC #ETF Net Inflow May 21, 2024: +$307M!
• The net inflow has been positive for 7 consecutive trading days (strong inflow 🔥)
• The single-day inflow of #BlackRock (IBIT) rebounded to $291M, the highest level in the past 32 trading days.
• #Grayscale (GBTC) experienced… pic.twitter.com/ZlqbZ3dcec
— Spot On Chain (@spotonchain) May 22, 2024
This bullish sentiment is not confined to Bitcoin alone. Ethereum’s climb above $3,770 has also drawn significant attention, contributing to the broader optimism in the market. As traders and analysts continue to watch these key levels, the crypto market appears poised for potential new highs.
The combination of strong inflows into Bitcoin ETFs, minimal resistance at critical price levels, and overall market sentiment suggest that Bitcoin and Ethereum could see further gains in the near future. The market’s resilience and continued investor interest highlight the growing confidence in these leading cryptocurrencies.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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