bitcoin rose to bitcoin-bull-run-70000-level/” rel=”nofollow noopener” target=”_blank”>as high as $70,000 on June 3, indicating a bullish outlook for the flagship cryptocurrency. This price increase is believed to be due to some recent developments that are positive for the bitcoin ecosystem.
Interest rate cuts could come in September
Data from the CME FedWatch tool shows that the probability of the Federal Reserve court Interest rates at 25 basis points it has increased to 51.3%. Meanwhile, the probability that interest rates will remain at 50 basis points is 40.1%. These heightened expectations for an interest rate cut have come even as recent inflation has led to mixed feelings about the U.S. economy.
The US S&P Global Manufacturing PMI rose to 51.3 in May from 50.0 in April, indicating maximum improvement. However, the ISM Manufacturing PMI fell from 49.2 to 48.7. Investors are still confident that interest rates will be lowered in September. A interest rate cut It is positive for bitcoin and the crypto market in general as it will increase investor confidence to invest in these risky assets.
Meanwhile, another positive development for bitcoin is the fact that the bitcoin Spot ETF They once again record impressive net inflows. These funds recorded a total weekly net receipts of $170.9 million last week. These bitcoin Spot ETFs have also started this new week on the right foot, recording $105.1 in net inflows on June 3.
This development is significant, considering that these funds were instrumental in sending bitcoin to a new all-time high (ATH) back in March. As such, they could once again serve as a catalyst as the flagship cryptocurrency looks to successfully exit the market. bitcoin-bull-run-70000-level/” rel=”nofollow noopener” target=”_blank”>$70,000 range and surpass its current ATH of $73,750.
Furthermore, the surge in demand for these funds comes at a time when ethereum Spot ETFs are about to begin trading. These developments paint an ultra-bullish picture not only for bitcoin but for the entire crypto market.
bitcoin is still far from the top of the market
bitcoin/bitcoin-57938-level-to-watch/” rel=”nofollow noopener” target=”_blank”>Cryptographic Analyst crypto Con noted in a recent x (formerly twitter) post that bitcoin is still far from its market peak. He made this observation alluding to the logarithmic system. Market value to realized value, which showed that “there is still a good margin of growth until the maximum mark of the cycle.” However, the crypto analyst added that this cycle may be much further along than it “would appear on the surface.”
crypto analyst Tarekonchain also shared a similar sentiment: indicating that bitcoin has yet to reach its fair market value with its MVRV around 2.3. Furthermore, he revealed that the price of bitcoin peaked in previous cycles when the MVRV indicator reached a value of 3.5 or higher, meaning that the confinement It's still far from over.
Featured image created with Dall.E, chart from Tradingview.com
