Bitcoin’s price saw a modest increase of 0.14% within the last 24 hours, catching the attention of the market due to significant sales from a previously inactive wallet. Stay updated on the latest technology news by accessing NEWSLINKER.
After experiencing a week of decline, Bitcoin (BTC) was trading at $64,200 at the time of reporting, following a period of negativity during most of the week. The question arises on how Bitcoin’s price can rise from its current value.
In the past week, notable sales, including transactions from a dormant Bitcoin wallet holding 25,000 BTC in six different transactions, garnered interest from the market. These BTCs had been inactive for approximately 3 to 5 years until a wallet address transferred 25,000 BTC valued at $1.6 billion.
Further analysis by on-chain analyst Maartunn from CryptoQuant revealed that transfers were made by an unknown wallet, with one whale moving over 11,000 BTC in two transactions. Speculations suggest that these movements indicate a potential sale.
On the flip side, it is observed that the recent declines may be linked to these sales, with some opinions suggesting that the bears could be running out of steam after the decline. This exhaustion of bears could pave the way for a potential market recovery, particularly for BTC, generating buying pressure.
Meanwhile, significant developments unfolded in the spot Bitcoin ETF sector, with exits accelerating last week, raising concerns about Bitcoin’s short-term price performance. BTC ETFs encountered exits totaling $545 million throughout the past week, prompting speculations about a possible price drop due to stagnant Bitcoin trading activities.
While the exit trend in Bitcoin ETFs persists, analysts are also contemplating the impact on eager investors. The approach of spot Bitcoin ETF providers and investors remains optimistic, viewing exits and falling prices as potential opportunities to attract new investors.
Looking ahead, the spotlight is on the spot Ethereum ETF process, with applicants resubmitting their S-1 amendments and awaiting approval from the United States Securities and Exchange Commission (SEC). Recent information suggests that approval may be granted in the first week of July, following the SEC’s decision not to pursue the investigation related to Ethereum 2 in the ConsenSys case.
The anticipated approval of the spot Ethereum ETF could set a positive tone, potentially triggering a favorable trajectory for Bitcoin. Considering the market dynamics, it is speculated that BTC could reclaim the $70,000 level and potentially reach $100,000 in the medium term.
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