Bitcoin Price has stagnated at $105,000 amid the rise in Spot ETF spills, making investors’ sentiment neutral.
Bitcoin (BTC) traded at $105,550 on Sunday, June 8th, up 5% from last week’s lowest points. This year, it is 5.75% lower than the 5.75% high.
Bitcoin has recently been shaking with investors’ profits. In May, its prices surged to a record high of $111,900, a 50% increase from its April low.
The BTC also shook as data pointed to outflows from funds traded on the exchange. Sosovalue data shows that these ETFs cut $128 million after cutting $11107 million a week ago. It was the first consecutive weekly leak since April.
Further data shows that sentiment among crypto investors has become neutral this month. Closely viewed terror and greedy indicators dropped to 56 neutral points.
Bitcoin also shook the situation after reports revealed that China was considering selling seized coins. Data shows that it holds over $20 billion in 190,000 coins.
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Still, Bitcoin has two important catalysts that could push it high in the coming weeks. First, the chart below shows that Bitcoin supply on the exchanges freefall this month, now at 1.18 million, down from 1.35 million, when the month began. This is down from over 3.5 million people in 2020.
Bitcoin supply in exchange | Source: Santiment
Second, more companies are increasing their Bitcoin purchases. The strategy has raised more than $2 billion to buy Bitcoin, but Trump Media has submitted to raise up to $12 billion for the purchase. Other companies, such as Metaplanet and Blockchain Group, are bolstering their purchases.
Bitcoin price technology analysis
BTC Price Chart | Source: crypto.news
Another Bitcoin catalyst is its solid technology. Daily charts show that you are slowly forming a cup and handle pattern to complete the handle section.
Bitcoin also exceeds its 50- and 200-day moving averages, providing substantial support. It also remains above the main S/R pivot points of the Murrey Math Lines tool.
So the coin could bounce back in the coming weeks. The first target is $109,477 on the top of the cup. It could surge to $150,000 after moving past the all-time high of $111,900.
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