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BTCUSD breaks $70000 on upbeat market sentiment. It hit a high of $72103 at the time of writing and is currently trading at around $68354.
Whales Accumulation and Institutional Demand-
Since early 2024, U.S. Bitcoin ETFs have gained about 278,000 BTC, mostly from retail investors, while large holders, or "whales," have added around 670,000 BTC in the past year, showing a preference for self-custody. Additionally, Bitcoin's long-to-short ratio has risen to 1.18, its highest in October, indicating that traders are increasingly bullish. At the same time, open interest for Bitcoin futures has hit a record $42.23 billion, reflecting a lot of activity and interest from both retail and institutional investors.
On Monday, U.S. spot Bitcoin ETFs saw inflows of about $472.6 million, marking the fifth straight day of increased investments. Over the past 12 trading days, total investments in these funds have reached nearly $4 billion, highlighting sustained strong demand.
US markets -
NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ surged sharply as demand for chip stocks increased. Any close above 20700 will take the index to 21000.
Technicals-
BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.
Minor support- $65000. Any break below will take it to the next level at $63000/$60000/ $57000/$55000/$52500/$50000/$46000.
Bull case-
Primary supply zone -$70000. Any break above confirms an intraday bullishness. A jump to $73500/$75000 is possible.
Secondary barrier- $75000. A close above that barrier targets $80000/$85000.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around $63000 with SL around $60000 for TP of $70000.
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