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🚀🎉 Bitcoin enthusiasts, buckle up! BTC has soared past $71,000 this week, breaking free from its weeks-long trading range. The driving force? A whopping $1.2 billion net inflow through ETFs over the past week. 📈💰 This influx of capital into Bitcoin ETFs has given BTC a much-needed boost, turning the tables for short-term investors who are now back in the profit zone. This reduces the chances of a sentiment shift from bullish to bearish. 🐂👍 CryptoQuant, however, predicts a consolidation period in the $60,000 to $70,000 range. There aren't any major economic factors currently that could trigger a massive influx of new capital and drive Bitcoin into a major price rally like in past bull cycles. 📉🤔 But don't lose hope! There are signs that the next major rally could kick off sooner than expected. The market is already buzzing with the speculation of the approval of spot Ether ETF, pushing the collective market cap above $2.55 trillion. 🚀🌙 Crypto analyst Ali Martinez points out a "minimal resistance" within the $70,180 to $70,600 price range. If Bitcoin can break through this range, the path of least resistance points higher. But if selling pressure halts the rally, it could temporarily cap the upside. 📊🔍 In short, a fresh wave of demand for Bitcoin could be on the horizon. So, keep your eyes peeled, Bitcoiners! 🎉🚀

🚀🎉 Bitcoin enthusiasts, buckle up! BTC has soared past $71,000 this week, breaking free from its weeks-long trading range. The driving force? A whopping $1.2 billion net inflow through ETFs over the past week. 📈💰

This influx of capital into Bitcoin ETFs has given BTC a much-needed boost, turning the tables for short-term investors who are now back in the profit zone. This reduces the chances of a sentiment shift from bullish to bearish. 🐂👍

CryptoQuant, however, predicts a consolidation period in the $60,000 to $70,000 range. There aren't any major economic factors currently that could trigger a massive influx of new capital and drive Bitcoin into a major price rally like in past bull cycles. 📉🤔

But don't lose hope! There are signs that the next major rally could kick off sooner than expected. The market is already buzzing with the speculation of the approval of spot Ether ETF, pushing the collective market cap above $2.55 trillion. 🚀🌙

Crypto analyst Ali Martinez points out a "minimal resistance" within the $70,180 to $70,600 price range. If Bitcoin can break through this range, the path of least resistance points higher. But if selling pressure halts the rally, it could temporarily cap the upside. 📊🔍

In short, a fresh wave of demand for Bitcoin could be on the horizon. So, keep your eyes peeled, Bitcoiners! 🎉🚀

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🚀Buckle up, BTC enthusiasts! TRM Labs, a blockchain intelligence firm, has reported a whopping increase in cryptocurrency deposits to Chinese drug precursor manufacturers. In the first four months of 2024, crypto deposits more than doubled compared to the same period in 2023! 💰 In 2023, these Chinese networks received over $26 million in cryptocurrency, with a staggering 97% of the 120 manufacturers studied offering payment options in digital currencies. The overall amount of cryptocurrency deposited into wallets linked to these manufacturers skyrocketed by more than 600% from 2022 to 2023. 📈 And guess what? Bitcoin is the star of the show! 🌟 It remains the dominant cryptocurrency used for these transactions, accounting for approximately 60% of the total payment volume. TRON blockchain followed with about 30% of transactions, while Ethereum was used for roughly 6%. 🎖️ Interestingly, 11 manufacturers were responsible for over 70% of all crypto-denominated sales of drug precursors. These manufacturers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services, with their wallets most commonly hosted at exchanges. 💼 Despite the crypto preference, Chinese manufacturers also accept fiat currencies through platforms like PayPal, MoneyGram, Western Union, and traditional bank transfers. 🏦 The report also revealed that these manufacturers mainly target countries including Canada, the Netherlands, Australia, Germany, and the United States. Advertisements have also been directed towards Russia and neighboring countries, particularly for mephedrone precursors. 🌍 In a related note, a U.S. congressional committee recently reported that the root cause of the U.S. fentanyl crisis lies in China, which manufactures over 97% of the precursors used in the global illicit fentanyl trade. 🚨 So, while the world grapples with the implications of this, one thing's for sure - Bitcoin's popularity is soaring, and it's not slowing down anytime soon! 🚀
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