Crypto News Today- Bitcoin Eyes $70,000 as Market Sentiment Turns Bullish
Crypto News Today- Bitcoin traders are targeting a short-term price of $70,000 after BTC briefly climbed above $66,000 during the Asian trading session. It later retreated to $65,000 during the European morning, still maintaining a 2.2% increase from 24 hours ago. Lucy Hu, a senior analyst at Metalpha, noted, The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment, in a message to CoinDesk. She added that the market was buoyed by Donald Trump’s vice presidential pick, which signals a more crypto-friendly administration and policies.
Additionally, Bitcoin seems to be benefiting from bullish sentiment as traders anticipate less selling pressure in the long term, with Mt. Gox repayments to creditors now underway.
Bitcoin ETFs saw significant inflows, extending their seven-day winning streak on Tuesday with a record $422.5 million, the largest single-day inflow since June 5. BlackRock’s IBIT was the primary beneficiary, amassing over $260 million. Collectively, the ETFs have drawn in over $1 billion in the past three days, reflecting growing confidence in Bitcoin’s price prospects. This streak coincides with a 20% surge in BTC.
The broader crypto market is also seeing gains. XRP jumped over 12% in the past 24 hours, outperforming other major cryptocurrencies. The CoinDesk 20 Index, which measures the performance of the top 20 digital assets, has risen around 4.2%.
Over the past seven days, XRP’s gains have grown to about 40%, reversing a long period of underperformance. Alex Kuptsikevich, FxPro senior market analyst, attributed this rise to a reversal of sentiment in crypto, calling it a rise on steroids for XRP. The token’s gains were further fueled by CME and CF Benchmarks‘ announcement of new indices and reference rates for XRP. This has formed a triangle pattern on long-term price charts, which some traders believe could indicate further bullish action in the coming weeks.
Trending crypto chart today
- Daily Movements: The chart shows daily movements in the ratio between ether (ETH) and bitcoin (BTC) dollar-denominated prices since October 2023.
- Volatility Squeeze: The ratio is experiencing a volatility squeeze, indicated by triangular consolidation.
- Anticipated Event: This pattern is forming ahead of the expected debut of a spot ether ETF in the U.S. next week.
- Potential Breakout: A breakout from this consolidation pattern could signal near-term outperformance of ether compared to bitcoin.
(Source: TradingView)
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