Bitcoin Price Eyes $80,000 In June : Here’s Why

Published by

Sohrab Khawas

June 5, 2024

With a bullish recovery rally starting in the Bitcoin prices, the broader market sentiments pump up. Amidst the bull run, the altcoins are aiming for a trend reversal, with some outperforming tokens reaching all-time high levels.

As the market turns bullish, the BTC price surpassing the $70,000 mark overnight reveals massive demand. Further, the 27% surge in the trading volume bolsters the positive move and signals an uptrend continuation.

As the Bitcoin price surpasses the $70K level, the buyers are staying optimistic but cautious against a bull trap like the previous failed rally. Is the price jump a short-term rally, or will the BTC price reach the $80K mark?

Let’s examine our detailed price analysis for a clearer view of the BTC price trend. You can also check out our Bitcoin price prediction to determine the chances of Bitcoin hitting the $100,000 milestone this year.

Bitcoin Price Performance

With a short-term rounding bottom reversal, the BTC price shows a post-retest rally gaining momentum. The Bitcoin price takes off from the broken resistance trendline of a flag pattern to surpass $70,000 with a morning star pattern.

With a streak of three bullish candles, the Bitcoin price is up by 5.67% in the last four days, challenging the $71,500 peak. Furthermore, the bullish recovery surpasses the trend-based 50% Fibonacci level with a boom in trading volumes.

Currently, the BTC price trades at $71,262 with an intraday rise of 0.96%. This reflects a bullish trend continuation and heads for a new all-time high level.

Bitcoin ETFs Slowdown Drys BTC Uptrend

On June 5th, Bitcoin spot ETFs saw a significant intraday net inflow of $886 million, marking 16th consecutive positive day. Further, it marks the second biggest total net daily inflow since the billion-dollar inflow on 12th March.

Derivatives Maintain Bullish Outlook

The funding rate for Bitcoin stands at 0.02129407, revealing a solid bullish sentiment with long-side traders dominating and willing to pay premiums to shorts. Furthermore, Bitcoin’s open interest has jumped by 15.76% over the last seven days to reach $19.4 billion. Thus, the uptrend in open interest supports the ongoing bullish price movement in the derivatives market.

Conclusion

As the bullish momentum increases to fuel the uptrend in Bitcoin prices, the sideline players anticipate the bull run to surpass $73,800. This will result in a new all-time high level and fuel the bullish trend to potentially reach the $77,842 mark in the coming weeks. Optimistically, the uptrend could reach the $80,000 milestone by the end of this month.

Also Check Out: After Bitcoin and Ethereum, Will XRP Get an ETF? If Yes, Will XRP Price Hit $1?

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.