Why Bitcoin Price Surged Above $69K Today?

7 months ago 2

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Bitcoin’s (BTC) price surged above $69,400 on Wednesday after teasing below $66k in the last 24 hours. As expected, the flagship coin has carried with it the entire altcoin industry, whereby the total market cap surged 3 percent to about $2.65 trillion at the time of this publication.

Top Reasons Bitcoin Price Pumped

Bitcoin’s price has surged above $69k amid heightened whale activity in recent times. According to the latest market data, US spot Bitcoin ETFs have registered two consecutive days of cash outflows, with a net outflow of about $65 million on Monday and around $200 million on Tuesday.

Over 14,140 $BTC worth around $954.50 million have been withdrawn from #crypto exchange wallets in the last 48 hours! pic.twitter.com/MPPfpVTLFO

— Ali (@ali_charts) June 12, 2024

However, on-chain data shows that crypto exchanges’ balances have been on the decline in recent times, indicating bullish sentiment. Specifically, more than 14,140 Bitcoins, worth about $954 million, were withdrawn from cryptocurrency exchanges in the past two days.

Meanwhile, Bitcoin price experienced a sharp uptick on Wednesday during the early New York session after the U.S. Bureau of Labor Statistics disclosed lower-than-expected Consumer Price Index (CPI) data. Consequently, crypto traders are betting on possible interest rate cuts from the Fed later today, which could follow a similar move by the European Central Bank (ECB) and the Bank of Canada.

Midterm BTC Price Targets

The Bitcoin price has severally attempted to rally above $73k in recent times without success. However, the flagship coin has accumulated significant bullish sentiments, which could guarantee a rally towards $80k soon.

In case of bullish rejection, Bitcoin’s price has established a solid support level above $61k, which could hold until the buyers regain control.

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