Crypto News

Bitcoin And Ethereum Surge Amid High Buy Calls: Analysts Predict New All-Time Highs

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.

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.

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.

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.

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: jolly5xpander/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *