BTC experiences a slight decline below $70K but is predicted to surpass $72K by the end of 2024. Bitcoin remains relatively stable, hovering around $69,500. The lack of a clear price direction is due to the pending decision from the SEC regarding VanEck’s spot ether ETF application. BTC faced resistance above $71,500, resulting in a downward correction below $70K. Although it reached a new weekly high above $71K, the price dipped to $69K, coinciding with Bitcoin Pizza Day. As of now, BTC is trading at $69,630, representing a 0.65% decrease in the past 24 hours. Despite these fluctuations, the recent price recovery has generated positive sentiment in the crypto industry.
If BTC maintains a price above $79,500 and continues to rise, the first significant resistance can be found at $70,850, along with a bullish trend line. The next important resistance level is at $71,160, and a clear breakthrough could propel the price towards $71,920. If the bullish momentum persists, BTC could reach the $72,540 resistance level and potentially even $73,100. Long-term price predictions suggest that BTC could reach the range of $80K to $100K.
However, if BTC fails to surpass the $70,850 resistance zone, it may continue to decline, finding immediate support around $68,900. The major support level is at $68,310, followed by potential support near $67,220. Further losses could drive the price towards the $66,000 support level.
Despite possible dips, analysts anticipate a strong upward momentum for BTC throughout most of 2024, with prices expected to surpass the $72K range. In terms of ETFs, Bitcoin spot ETFs have seen a net inflow of $154 million, with positive inflows recorded for the past eight days. On the other hand, Grayscale ETF experienced a single-day outflow of $16.1 million, while BlackRock continues to lead with an inflow of $92 million.
In other news, Floki DAO has executed a burn of 15 billion tokens, raising speculation about whether FLOKI will reach new highs.