Bitcoin has surpassed the $71,000 threshold, driven by substantial trading of Ethereum exchange-traded funds (ETFs). On-chain indicators suggest the start of a bull market, although some signals hint at potential topping patterns.
Last week, Farside Investors saw an influx of $950 million in investments due to a rebound in support at the $60,000 level, reigniting investor enthusiasm.
Bitcoin’s 51% increase in value so far this year suggests investors anticipate the rise of the U.S. money supply, with the M2 monetary base exceeding $21.0 trillion in April 2024.
According to Tradingview, Bitcoin is currently trading at $71,000 on the daily chart. The 20-day Exponential Moving Average (EMA) stands at $65,347.02, and the Relative Strength Index (RSI) indicates a positive trend. Surpassing the resistance level of $68,000 suggests the possibility of a subsequent increase to $73,777, though this could trigger negative market reactions.
Exchange BTC reserves have plunged to a seven-year low, with only 1,918,417 BTC available on key trading platforms, according to CryptoQuant. The recent Bitcoin halving event and the current shortage of Bitcoins further strengthen the positive outlook, making it difficult to argue against those supporting the long position.
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