Bitcoin’s daily transaction volumes have surged past $70.9 billion, signaling heightened market activity.
The In/Out of the Money Around Price (IOMAP) indicator suggests that there is minimal resistance up to the $73,000 level, hinting at the potential for Bitcoin to rise further.
Daily transaction volumes in $BTC have reached over $70.9 billion, pointing to increased activity.
Notably, the In/Out of the Money Around Price indicator reveals that there is limited resistance until the $73,000 high, indicating the potential for a further upward surge in… pic.twitter.com/uzz9vrH7wD
— Slim Daddy◻️𓃵 ₿ (@felixreads) June 6, 2024
This raises the question of when this upward movement will take place. Given the low resistance and substantial transaction volumes, the market appears primed for a breakout to new highs.
Bitcoin ETF Inflows Hit $218 Million
In addition, Bitcoin ETF inflows on June 6, 2024, totaled $218 million. This marks the 18th consecutive day of positive net inflows, the longest streak on record. BlackRock’s IBIT fund saw a single-day inflow rebound to $350 million, the highest in the past two months.
🚨 $BTC #ETF Net Inflow June 6, 2024: +$218M!
• The net inflow has been positive for 18 consecutive trading days, the longest streak ever! 👏
• The single-day inflow of #BlackRock (IBIT) rebounded to $350M, the highest level in the last 2 trading months.
• #Grayscale (GBTC)… pic.twitter.com/OlECpF9faz
— Spot On Chain (@spotonchain) June 7, 2024
Conversely, Grayscale’s GBTC experienced an outflow after two days of inflows.
The combination of robust transaction volumes, minimal resistance, and sustained ETF inflows creates an optimistic outlook for Bitcoin. Market conditions seem set for Bitcoin to reach new highs, with the timing of this movement being the key variable.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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