New BTC Price Prediction as Bitcoin above $66K on ETF Inflow Surge
Bitcoin is climbing higher this week as ETF inflows dramatically increase and risk averse investors lose ground.
Quick overview
- Bitcoin (BTC) rose to $66,459, driven by positive sentiment in the semiconductor sector and strong ETF inflows.
- The cryptocurrency gained 2.86% in the last 24 hours, marking its highest price since May.
- Bitcoin ETF inflows reached $226.9 million, totaling $727 million over the past five days, indicating a strong recovery trend.
- Overall trade volume for Bitcoin increased by 28%, reflecting a bullish sentiment across the cryptocurrency market.
Bitcoin (BTC) moved up to $66,459 (BTC/USD) on Tuesday thanks in part to rising sentiment on semiconductors and strong Bitcoin ETF inflows.
Chip stocks are on the rise once more and investors are less risk averse, creating space for Bitcoin to climb higher. The coin gained 2.86% over the last 24 hours, pushing the BTC price to its highest point since the end of May. The same wave of sentiment that lifted Bitcoin and the wider crypto market on Tuesday lifted AI semiconductor stocks as well.
BTC/USDSemiconductor stocks like Marvell and Micron surged this morning, pointing toward less market fear and greater confidence in speculative assets. Ethereum (ETH) jumped 3.66% while XRP (XRP) added 4% in one of the best days of gains in weeks for the cryptocurrency market.
Bitcoin ETF Inflows on the Rise
One area where Bitcoin trading is performing very well is in the ETF sector. Inflows were recorded at $226.9 million. For the last five days, that number has grown to a cumulative $727 million, and each day ended in a net positive, which is one of the more impressive streaks for Bitcoin ETFs in months.
Speculation that Bitcoin may be headed to a new low has died down, and investors are instead expecting a lengthy upswing helped along by a rising stock market and strong chip stock performances. The data supports a Bitcoin price recovery, and the next milestone is the psychologically important $70K level. This is a level that Bitcoin lost back in May but could be regained later this week.
June marked a severe downturn for Bitcoin and especially Bitcoin ETFs. During that month, there was a historic 13-session streak of outflows, and traders got rid of $4.37 billion during that period. There is a lot of ground to make up to regain the previous BTC price position before those losses, but Bitcoin is well on its way.
Trade volume for Bitcoin is up 28% for the day at the time of writing, and that brings the trade volume to $almost $30 billion per 24 hours. With broad gains across the crypto market and many coins rising by more than 2% over the last 24 hours, the market is looking bullish. The momentum may not be maintained for long if the Iran conflict continues to factor heavily into trading or investor sentiment shifts over chip stocks, but for now, the crypto market is moving upward quickly.
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