Bitcoin has been stuck in a rut lately, despite recently crossing $60,000. Here’s why:
Spot Bitcoin ETFs Lose Steam
When Spot Bitcoin ETFs launched, they attracted billions in investment, which helped Bitcoin surge to an all-time high. However, demand for these funds has since dwindled, dampening Bitcoin’s momentum.
Analyst Predictions
Analysts like Andrey Stoychev believe Bitcoin needs a catalyst to break out of its current range around $67,000. Crypto analyst Mikybull Crypto predicts a potential drop below $62,580 to fill a gap in the CME futures market.
Bottom May Be In
Despite the sideways trading, Mikybull Crypto suggests that Bitcoin’s local bottom may be in. However, he believes it needs to clear $67,000 before aiming for $73,000.
Accumulation Zone
Analyst Ali Martinez points out that Bitcoin’s Market Value to Realized Value (MVRV) ratio suggests it’s still in a “prime buy zone.” This means now could be a good time to accumulate Bitcoin in anticipation of a price surge.
As of writing, Bitcoin is trading around $63,400, slightly down over the past 24 hours.
