Bitcoin Price Prediction: $71,000 Amid $61B ETF Inflows & U.S. Economic Data Shifts
Bitcoin (BTC/USD) is currently hovering around $71,000, marking a slight decrease of 1%. Despite this, the key pivot point at $70,600, indicated by the green line on the chart, is a crucial marker for traders eyeing a positive shift in crypto price predictions.
With recent dynamics in U.S. economic data and record inflows into spot Bitcoin ETFs, the digital currency remains a focal point of interest.
U.S. Spot Bitcoin ETFs have shown impressive performance, continuously attracting investments over the past 16 days.
On a notable trading day, these ETFs collected $886.6 million, marking it as the second-largest daily inflow since a record $1.04 billion on March 12, 2024.
This day’s inflow amounted to 85.25% of the March peak.
Leading the inflows, Fidelity’s FBTC garnered $379 million, followed by BlackRock’s IBIT with $274 million, and Grayscale’s GBTC added $28 million. Collectively, on that day, the trade volume reached $2.49 billion.
June 4th U.S. spot #Bitcoin #ETFs recorded their second-highest joint net inflow day, with $886.6 million in inflows, led by Fidelity's Bitcoin fund. pic.twitter.com/EQxxJJDaEe
— Dr Martin Hiesboeck (@MHiesboeck) June 5, 2024
The sustained inflows into U.S. spot Bitcoin ETFs indicate growing investor confidence, potentially driving up Bitcoin’s price due to increased demand.
On June 5th, the ADP Non-Farm Employment Change reported 152,000 new jobs, falling short of both the expected 173,000 and the previous 188,000.
This could suggest a slowing labor market, traditionally a bearish signal for market sentiment but potentially bullish for Bitcoin as investors might seek alternative investments.
⚠️Breaking!
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