BTC Update: Holding strong near $77,700 đȘ
Bitcoin just bounced from $75,650 support and is now trading around $77,700, up 1.8% on the dayă6258547711434109658â L92-L93ă.
Analysts say if it reclaims $75,650 as support, next target is a push toward $80,000ă6258547711434109658â L89-L90ă.
Whatâs driving it:
1. **ETF demand still strong** - U.S. spot ETFs pulled in ~$2.44B in April, nearly double Marchă6258547711434109658â L287-L288ă
2. **Seasonality** - May has been bullish 7 of the last 13 years with avg +8% gainsă6258547711434109658â L110-L111ă
3. **Macro headwinds** - Oil above $110 and Fed likely on hold due to inflationă6258547711434109658â L23-L24ă. Core CPI came in cooler at 0.2% vs 0.3% expectedă6258547711434109658â L35-L36ă
Caveat: Market is described as "range-bound but fragile"ă6258547711434109658â L21-L22ă. A daily close above $82,000 could open door to $85K-$90Kă6258547711434109658â L183-L184ă.
Are we heading to $80K this month or do we retest $75K first? Comment your take đ
#BTC #Bitcoin #CryptoNews #BinanceSquare #ETF
https://www.binance.com/activity/referral-entry/CPA?ref=CPA_003ZMX6ZQT
Bitcoin just bounced from $75,650 support and is now trading around $77,700, up 1.8% on the dayă6258547711434109658â L92-L93ă.
Analysts say if it reclaims $75,650 as support, next target is a push toward $80,000ă6258547711434109658â L89-L90ă.
Whatâs driving it:
1. **ETF demand still strong** - U.S. spot ETFs pulled in ~$2.44B in April, nearly double Marchă6258547711434109658â L287-L288ă
2. **Seasonality** - May has been bullish 7 of the last 13 years with avg +8% gainsă6258547711434109658â L110-L111ă
3. **Macro headwinds** - Oil above $110 and Fed likely on hold due to inflationă6258547711434109658â L23-L24ă. Core CPI came in cooler at 0.2% vs 0.3% expectedă6258547711434109658â L35-L36ă
Caveat: Market is described as "range-bound but fragile"ă6258547711434109658â L21-L22ă. A daily close above $82,000 could open door to $85K-$90Kă6258547711434109658â L183-L184ă.
Are we heading to $80K this month or do we retest $75K first? Comment your take đ
#BTC #Bitcoin #CryptoNews #BinanceSquare #ETF
https://www.binance.com/activity/referral-entry/CPA?ref=CPA_003ZMX6ZQT