Bitcoin price analysis: The cryptocurrency market deals with forces internally and externally. On top of the global hiking inflation levels, regulatory pressure, especially from the United States, threatens to suppress prices. Despite fighting to recover from the post-halving correction to $56,500, Bitcoin (BTC) is heavily weighed down, holding firmly to support at $62,000 on Wednesday.
The post Bitcoin Price Analysis: Is This The Only Chance To Buy BTC At $62,000 Before $100,000? appeared first on CoinGape.
Bitcoin price analysis: The cryptocurrency market deals with forces internally and externally. On top of the global hiking inflation levels, regulatory pressure, especially from the United States, threatens to suppress prices.
Despite fighting to recover from the post-halving correction to $56,500, Bitcoin (BTC) is heavily weighed down, holding firmly to support at $62,000 on Wednesday.
The weekend momentum spilled into this week but later waned as BTC approached $65,000 on Monday.
With the trading volume staying unchanged in the last 24 hours at $25 billion, Bitcoin may continue to hold steady to the end of the week.
What’s Next For Bitcoin As ETF Outflows Persist
The uncertainty witnessed in the crypto market has been mirrored by Bitcoin ETFs, whose impact drove the largest crypto to a new all-time high in March.
According to recent data shared by SoSoValue, the outflow volume as of May 7 was $15.64 million. The cumulative total net inflow has since declined to $1.78 billion while total net assets drop to $52.51 billion.
The largest withdrawals totaling $17 billion occurred from Grayscale’s GBTC ETF. Intriguingly, all other ETFs are in the green led by BlackRock’s IBIT at a $15 billion cumulative net inflow.
As the market stabilizes, ETF flows are expected to flip positive once again improving sentiment and increasing demand for BTC. The launch of spot Bitcoin ETF products in Hong Kong highlights another positive factor. These new ETFs recorded $307 million in inflows in the first week of trading.
However, a report by CoinShares on weekly digital asset products shows that outflows increased from $156 million to $251 million. “This week marked the first week to see any measurable outflows from the newly issued ETFs in the US,” the report said.
Bitcoin Price Analysis: Can BTC Surge To $100,000
Although Bitcoin price is relatively bearish, it seats on robust support at $62,000. Moreover, the successful retest of the descending channel upper boundary support/resistance is a bullish signal—which might encourage traders to buy BTC for gains to $64,000 in the short term.
Another potential buy signal will come from the Moving Average Convergence Divergence (MACD) which holds at -27. The signal to buy would manifest as the blue MACD line crosses above the red signal line.
Some key milestones to look out for are the surge above all three moving averages, including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and purple lines on the chart). Trading above all these key levels could mean that Bitcoin price has finally flipped bullish and is ready to close the gap to $70,000.
FOMO is poised to kick in as BTC approaches the record high at $73,837. Key targets from this level are $80,000 and the coveted $100,000. With call options already surging and dwarfing put options, it is a matter of time before the ultimate rally to $100,000. That said, buying BTC at $62,000 might be the only chance to seek exposure affordably before the bull run.
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