According to Coinpost’s report, Bitcoin has experienced a slight increase in the past 24 hours, rising by approximately 1.5% to reach $61,700 as of June 28th. This growth comes after inflows into Bitcoin exchange-traded funds (ETFs) and broader gains in the cryptocurrency market. The rise in Bitcoin’s value can also be attributed to the recent application for a Solana ETF by VanEck.
Why is Bitcoin increasing?
Bitcoin’s recent increase comes after three consecutive days of inflows into US Bitcoin ETF funds. This indicates a rebound in risk appetite after a week of capital outflows. As of June 27th, the assets managed by these Bitcoin ETF funds were valued at $14.44 billion, higher than the $14.383 billion three days ago. However, this is still lower than the peak of $15.68 billion on June 6th. Visit COINTURK FINANCE for the latest financial and business news.
Bitcoin chart analysis
The recent price trend of Bitcoin is part of a volatile consolidation pattern. This pattern is forming a symmetrical triangle, which may indicate further downward trends following the previous decline. If the price breaks below the lower trendline, it could fall to $56,250, representing an 8.5% drop from the current level.
The breakout potential for Bitcoin is further enhanced by two key resistance levels: the 50-day moving average on the 4-hour chart (50-4H MA) and the descending trendline. These two levels converge around $62,000, which is above the upper trendline of the symmetrical triangle. A decisive breakout above this resistance could invalidate the bearish pattern and push Bitcoin’s price towards $65,000, which is the 200-day moving average on the 4-hour chart.
Key insights for investors
Bitcoin has risen by 1.5% to $61,700, influenced by the inflows into ETFs and VanEck’s application for a Solana ETF. The current price trend suggests that the price may drop to $56,250. A breakthrough of the $62,000 resistance level could potentially push Bitcoin higher to $65,000.
These insights provide valuable information for investors considering Bitcoin’s recent and potential trends.
In summary, while Bitcoin has shown moderate upward movement, the formation of a bearish symmetrical triangle indicates the possibility of further downside. However, a breakout above the key resistance levels could lead to an increase in Bitcoin’s price.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies and should conduct their own research.
