- Bitcoin’s price has recently recovered above $60,000, but its momentum appears to be slowing down.
- This slowdown is attributed to factors such as reduced demand for Spot Bitcoin ETFs.
- Experts suggest that Bitcoin may continue to trade around the $67,000 price range without a significant catalyst.
Bitcoin’s price recovery above $60,000 is slowing down due to reduced demand for Spot Bitcoin ETFs and other factors. Experts predict a continued trade around the $67,000 price range unless a significant catalyst emerges.
Spot Bitcoin ETFs Losing Momentum
Spot Bitcoin ETFs, which recorded billions of dollars in net inflows in the first three months of launch, have seen a decline in demand since the start of this month. This has affected Bitcoin’s bullish momentum, causing the crypto to trade sideways. Research firm Kaiko’s recent report also notes a steady drop in net inflows across all ETFs.
Bitcoin’s Price Performance and Predictions
Andrey Stoychev, Head of Prime Brokerage at Nexo, warns that Bitcoin is unlikely to experience any significant price surge without a catalyst. He predicts that Bitcoin will continue to trade around the $67,000 price range, bouncing off the support and resistance in the meantime. However, he also suggests that demand in the Spot Bitcoin ETFs could pick up soon, providing a much-needed boost to Bitcoin’s price.
Bitcoin’s Price and the CME Gap
Crypto analyst Mikybull Crypto predicts that Bitcoin could drop below to clear the CME (Chicago Mercantile Exchange) gap at around $62,580. This price gap exists because the CME’s Bitcoin futures market doesn’t run on weekends. He suggests that Bitcoin’s fortunes could improve once it clears the CME gap.
Bitcoin’s Future Prospects
Mikybull Crypto also suggests that the worst may be behind for Bitcoin, irrespective of whether it continues to trade sideways. He predicts that Bitcoin will need to clear out the $67,000 price level and consolidate before it can move towards $73,000. Crypto analyst Ali Martinez also suggests that now might be an excellent time to accumulate Bitcoin, as its Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone.”
Conclusion
While Bitcoin’s price recovery has slowed down due to reduced demand for Spot Bitcoin ETFs and other factors, experts suggest that the crypto could see a boost with a significant catalyst or increased ETF demand. Meanwhile, Bitcoin investors might find this an opportune time to accumulate the crypto.
