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Bitcoin is holding strong in the bear market! The crypto surges to $69,485!

Mon 10 Jun 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Regulation Crypto

In a constantly evolving crypto ecosystem, Bitcoin has recently shown remarkable resilience to the bearish pressures of the market. According to the latest data, the price of Bitcoin has increased by 0.29% in 24 hours! Settling at $69,485.93 with low volatility.

Bitcoin Crypto

The tenacity of Bitcoin against the bearish pressure of the market!

Despite the actions of the bear market, Bitcoin shows unparalleled resistance. BTC crossed the $69,485 mark in 24 hours, thus demonstrating its potential for resilience against the pressures of the crypto market. From now on, Bitcoin seems ready for a significant rise.

Various analysts predict that the first major point of resistance could be a move towards $70,000. When Bitcoin first crossed the $70,000 mark, the crypto reached an all-time high of $73,750.07. Currently, Bitcoin is about 5.8% below this record, and many predictions suggest that BTC will surpass this level shortly. Once this milestone is crossed, there may be no major resistance preventing a historical price surge!

Moreover, as Ryan Lee, Chief Analyst at Bitget, points out:

Bitcoin reached a new high of $71,000, primarily due to BlackRock’s substantial holdings, with the market value of its Bitcoin holdings exceeding $20 billion. The growth of BlackRock’s Bitcoin ETF and positive dynamics in the crypto market have sparked market optimism. As regulation becomes clearer and Bitcoin acceptance increases, Bitcoin may experience another significant rise. In the future, continuous institutional buying and increasingly clear and favorable regulatory policies are among the many positive factors that could push BTC to new heights. It is only a matter of time before BTC breaks through its previous high again.

Ryan Lee, Chief analyst at Bitget

A resistance supported by ETFs!

Experts attribute BTC’s success to the spot Bitcoin ETF products, which acquire more BTC from exchanges than expected, making their metrics stronger than ever. With a series of 19 consecutive days of net inflows recorded up to the current position, supported by the shortage of supply from the last half, the spot Bitcoin ETF has created a favorable environment for a price recovery soon.

In conclusion, Bitcoin demonstrates impressive robustness against market uncertainties. Its ability to maintain an upward trajectory despite bearish pressures reinforces its position as a leader and suggests a promising future for the first crypto.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.