• Bitcoin price has reclaimed above $67,000 with clear intention to retake its recent peak above $69,000.
  • Bitget Exchange CEO cites steadfast optimism and unmatched confidence in BTC among community members.
  • ETFs remain a key fundamental with BlackRock’s IBIT taking in a record-smashing $788 million on Tuesday.

Bitcoin (BTC) price is edging north, recording higher highs since the onset of the week. The outlook, from a technical standpoint, points to a continuation of the intermediate trend, with a Bitget executive lauding BTC holders for their show of optimism and confidence. 

Also Read: Has Tesla secretly bought more Bitcoin?

Bitcoin holders demonstrate steadfast optimism

According to the Managing Director of Bitget Exchange, Gracy Chen, the surge in Bitcoin price after the recent 16.9% correction is attributed to “steadfast optimism and confidence in BTC”. Chen added, “Based on historical experience, rapid pullbacks often occur during sharp uptrends, constituting a common phenomenon of market deleveraging.”

While Chen ascribes the surge to investor optimism, a report from an economist with Deutsche Bank has detailed five reasons why BTC is trading at a record high and why the rally may not be over yet. Highlights include the BTC exchange-traded funds (ETFs), the halving event, industry regulation and macroeconomic details such as interest rates.

Popular belief is that the BTC halving will kick-start the next bull cycle. Ahead of that, the ETF narrative continues to drive markets with reports indicating that these investment products are continually scooping up hundreds of millions of dollars in BTC daily. For instance, ETF specialist Eric Balchunas recently reported that BlackRock’s IBIT ETF took in a record-smashing $788 million on March 5.

Also Read: Bitcoin to continue to go even higher this year – Deutsche Bank

 

Bitcoin price outlook as BTC attempts to retake $69,000

Bitcoin price continues to push north in clear attempts to reclaim the $69,000 threshold, or in highly bullish cases, clear the $69,324 peak with hopes to nick the $70,000 psychological level.

Buying momentum is rising, as seen with the Relative Strength Index (RSI) that is moving north. The growing bars of the Volume indicator point to a strengthening bullish trend. This accentuates the bullish thesis further.

BTC/USDT 1-day chart

On-chain metrics support bullish outlook for Bitcoin price

On-chain data from IntoTheBlock’s Global In/Out of the Money (GIOM) metric shows Bitcoin price enjoys strong support downward. The region between $47,907 and $63,846 is particularly of interest as it provides strong support. Efforts to push BTC price below this level will be countered by aggressive buying from approximately 6.12 million addresses that bought nearly 2.41 million BTC at an average price of $55,203.

BTC GIOM

Also, the In/Out of the Money Around Price (IOMAP) metric also corroborates the story, showing that there is a strong area of support between $64,784 and $65,997. Here, approximately 608,060 addresses hold around 556,640 BTC tokens purchased at an average price of $65,292.

BTC IOMAP

For both metrics, it is clear that over 99% of BTC holders are sitting on unrealized profit. With the oncoming halving, the urge to sell is bound to be at a minimum. This adds credence to the bullish thesis.

On the downside, if traders begin to cash in on the gains, Bitcoin price could wipe some of the gains made over the past few days. This could see BTC fall back to $65,000, or in a dire case, descend to the $60,000 psychological level. Such a move would denote a nearly 10% drop below current levels.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day

FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day

Floki Inu (FLOKI) has noted a spike in on-chain metrics in May. The meme coin rallied alongside large market capitalization meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and PEPE (PEPE) this cycle. 

More FLOKI News

Top 3 meme coins Dogecoin, Shiba Inu suffer price decline, Bonk price rallies

Top 3 meme coins Dogecoin, Shiba Inu suffer price decline, Bonk price rallies

Dogecoin (DOGE) and Shiba Inu (SHIB) decline on Tuesday amidst bearish on-chain metrics, as seen on Santiment. On the other hand, Bonk (BONK) price rallies amidst bullish technical indicators on its daily chart. 

More Meme coins News

XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55

XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55

Ripple holders shed their XRP holdings and took $20 million in profits since May 18. XRP social dominance is nearly at the same level, at 1.46%. XRP sustained above $0.52 on Tuesday but is down 1% on the day. 

More Ripple News

Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000

Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000

Bitcoin hovers around the $68,000 level on May 28, Tuesday as market participants brace for Mt.Gox transfers of BTC. The defunct crypto exchange’s wallet, tracked by on-chain intelligence trackers, have made BTC transfers to a new wallet. 

More Bitcoin News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP