5 Key Bitcoin Updates: ETFs Acquire Triple the Amount of New BTC Supply in a Week

Bitcoin (BTC) is entering the new week with strength, as the price reaches $67,000 and prepares for a potential challenge against all-time highs. The key resistance levels to watch are $69,000 and $73,800. Market participants are closely monitoring various factors that could contribute to a bullish continuation, such as cues from US economic policy and unemployment data. Traders are increasingly confident that a local bottom has been reached and expect an upward trend after two months of consolidation. Despite higher prices, sentiment remains lower than during the March peak, suggesting a more sustainable journey to price discovery. Bitcoin bulls are maintaining pressure below all-time highs, with the price hovering near $67,000. Immediate overhead resistance is found just below $68,000. Market participants are optimistic about the recent BTC price action and expect Bitcoin to steadily move towards new highs. Altcoins, on the other hand, may outperform Bitcoin during this period. However, not everyone shares this optimistic view, as some traders believe that BTC/USD could drop to $60,000 or even lower. In terms of macroeconomic factors, the focus is on the Federal Reserve’s minutes from its May meeting and US jobless claims, which could impact risk assets. Favorable liquidity conditions in the US and other countries are also contributing to the bullish sentiment in the crypto market. The recent interest in US spot Bitcoin exchange-traded funds (ETFs) could further boost Bitcoin’s comeback, as inflows into these products reached almost $1 billion last week. Bitcoin ETFs have purchased 21,700 BTC ($1.5 billion) so far this month. Additionally, exchange BTC reserves have dropped to seven-year lows, indicating strong demand for Bitcoin. The Crypto Fear & Greed Index, which measures overall crypto sentiment, currently stands at 70/100, indicating greed but not at excessive levels. The sentiment toward Bitcoin has become more bullish, but it is important to keep FOMO (fear of missing out) in check for the positive trend to continue.