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Bitcoin (BTC) price has shown a bullish recovery rally, significantly improving market sentiment. This optimism has spread to the altcoin market, where some altcoins have reached all-time highs, indicating a potential trend reversal.
Bitcoin’s Demand Surge
Bitcoin’s price recently surpassed the $70,000 level, reflecting a significant increase in demand. A 27% increase in trading volume supports this positive trend, indicating the continuation of the upward trend. However, buyers remain cautious due to previous failed rallies, questioning whether this is a short-term increase or a path to the $80,000 level.
Recent price trends show that Bitcoin has formed a short-term rounding bottom formation and gained momentum after retesting. Currently, the price of the largest cryptocurrency has broken the resistance trendline of the flag formation and surpassed $70,000 with a morning star formation. In the last four days, Bitcoin has risen by 5.67%, challenging the peak at $71,500 and surpassing the 50% Fibonacci level, supported by increasing trading volume.
Current Status of Bitcoin
Currently, BTC price is trading around $71,000 with a 0.96% increase in the last 24 hours. This upward trend indicates that the price will continue towards an all-time high. Recent trading activity shows strong bullish momentum, suggesting further price increases.
Moreover, on June 5, spot Bitcoin ETFs attracted a significant net inflow of $886 million, marking the 16th consecutive positive day. This was recorded as the second-largest daily inflow since the billion-dollar inflow on March 12, reinforcing positive market sentiment.
Currently, Bitcoin’s funding rate is at 0.02129407, showing a strong bullish trend as long-term traders are willing to pay a premium to short sellers. Additionally, Bitcoin’s open interest has increased by 15.76% in the last seven days, reaching $19.4 billion. This growth in open interest supports the ongoing bullish trend in the derivatives market.
