Bitcoin has climbed above $71,000 this week, breaking out of the tight trading range it had been confined to for several weeks. One of the main catalysts for this price action is the strong demand through ETFs, with net inflows of approximately $1.2 billion over the last week., over the past week alone, these ETFs have seen around $1.2 billion in net new inflows, reflecting increased buyer interest in gaining exposure to the asset through these investment vehicles.
CryptoQuant still views a period of consolidation in the $60,000 to $70,000 range as more plausible in the near term. There are no major positive economic factors at play currently that would drive a huge influx of new capital and push Bitcoin into major price rallies like in past bull cycles. While concerns persist about Bitcoin returning to consolidation, the report also highlights emerging signs that the next major rally could begin sooner than anticipated.
“Outlook: Despite my base scenario of consolidation, signs of a new wave of demand are emerging. There is a growing possibility that the next rally could begin sooner than expected.”very “minimal resistance” within the $70,180 to $70,600 price range. Over 450,000 Bitcoin addresses bought around 273,000 BTC in this range, creating a supply zone.
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