 ▲ Bitcoin outlook for this week/Source: ChatGPT generated image |
Bitcoin (BTC), the leading cryptocurrency, fell in price by about 3% over the past week. The outlook for this week (June 24-June 28) can be summarized as cautious optimism, with both upside and volatility appearing.
In 2024, Bitcoin (BTC) showed significant growth by hitting new highs, attracting significant attention from institutional investors. As of June 2024, the price of Bitcoin is moving between approximately $64,000 and $65,000, and further increases or adjustments are expected this week.
According to Crypto News, during the week of June 24 to June 28, the price of Bitcoin is predicted to trade within a range of $64,340 to $64,671. Some say there is a possibility of a $60,000 collapse. However, many experts believe that if positive market sentiment continues, Bitcoin could test the resistance level of $67,983. FX Empire diagnosed that this optimism is due to the strong buying trend and the strong upward trend in the derivatives market.
Factors causing Bitcoin's decline this week include Bitcoin spot ETF fund outflow, miners' sell-off, New York Stock Exchange technology stock price adjustment, and dollar strength.
Specifically, ▲Bitcoin spot ETF fund outflow: Recently, there has been an outflow of funds from the U.S. Bitcoin spot ETF, which is having a negative impact on the market. Fund outflow reflects the decline in investor confidence and can increase selling pressure. ▲ Miners' selling: Miners' continuous selling of Bitcoin is also acting as a factor in the decline. Miners sell Bitcoin to cover operating costs, which can cause additional supply to the market and cause prices to fall. ▲New York Stock Exchange technology stock price correction: Investor sentiment as technology stocks on the New York Stock Exchange undergo a price correction. is shrinking, which is also having a negative impact on the Bitcoin market. ▲ Dollar strength: The strength of the dollar can have a negative impact on the prices of all assets, including Bitcoin. A strong dollar forces investors to move to relatively safe assets, which could put downward pressure on the price of Bitcoin.
On the other hand, factors causing the price increase this week include expectations of approval of the Ethereum spot ETF, adoption by institutional investors, and positive technical indicators.
Specifically, ▲Expectation of approval of Ethereum spot ETF: The market is expecting final approval of the Ethereum spot ETF, which could have a positive impact. Approval of the Ethereum ETF can increase trust in the overall cryptocurrency market and contribute to the rise in the price of Bitcoin. ▲Institutional investor adoption: The continued interest and investment of institutional investors is acting as a major driver of the Bitcoin price. Recent data shows that strong buying from institutional investors supports the bullish outlook. ▲Positive technical indicators: Technical analysis suggests that Bitcoin could target $75,000 in the near term if it breaks key resistance levels and maintains momentum. You can.
In conclusion, Bitcoin's outlook this week can be summarized as cautious optimism, with both upside and volatility present. It is important to carefully monitor regulatory news and macroeconomic data, as these factors can have a significant impact on Bitcoin's path. It seems important for investors to be aware of both upward trends and downside risks to navigate the cryptocurrency market during this week.
