Bitcoin Price Prediction: $71,000 Amid $61B ETF Inflows & U.S. Economic Data Shifts

Bitcoin bitcoin news BTC/USD
Last updated:
Crypto Writer
Crypto Writer
Arslan Butt
About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin (BTC/USD) is currently hovering around $71,000, marking a slight decrease of 1%. Despite this, the key pivot point at $70,600, indicated by the green line on the chart, is a crucial marker for traders eyeing a positive shift in crypto price predictions.

With recent dynamics in U.S. economic data and record inflows into spot Bitcoin ETFs, the digital currency remains a focal point of interest.

Spot Bitcoin ETFs Surge with $61 Billion in Holdings Amid Record Inflows

U.S. Spot Bitcoin ETFs have shown impressive performance, continuously attracting investments over the past 16 days.

On a notable trading day, these ETFs collected $886.6 million, marking it as the second-largest daily inflow since a record $1.04 billion on March 12, 2024.

This day’s inflow amounted to 85.25% of the March peak.

US Bitcoin ETF Overview
US Bitcoin ETF Overview

Leading the inflows, Fidelity’s FBTC garnered $379 million, followed by BlackRock’s IBIT with $274 million, and Grayscale’s GBTC added $28 million. Collectively, on that day, the trade volume reached $2.49 billion.

  • Current Holdings: BlackRock’s IBIT is now the largest holder with 295,457.46 BTC valued at approximately $20.96 billion.
  • Other Major Holders: Grayscale’s GBTC and Fidelity’s FBTC hold 285,069.81 and 165,232.89 BTC respectively.
  • Total Assets: Altogether, 11 U.S. spot bitcoin ETFs manage 866,435.19 BTC, worth over $61 billion.

The sustained inflows into U.S. spot Bitcoin ETFs indicate growing investor confidence, potentially driving up Bitcoin’s price due to increased demand.

U.S. Economic Data Signals Mixed Impact on Bitcoin Price Predictions

On June 5th, the ADP Non-Farm Employment Change reported 152,000 new jobs, falling short of both the expected 173,000 and the previous 188,000.

This could suggest a slowing labor market, traditionally a bearish signal for market sentiment but potentially bullish for Bitcoin as investors might seek alternative investments.

Conversely, the U.S. Services sector showed resilience, with the Final Services PMI maintaining a steady reading of 54.8, indicating robust service industry activity.

More notably, the ISM Services PMI exceeded expectations at 53.8, compared to the forecasted 51.0 and previous 49.4, reflecting stronger-than-anticipated economic health.

How These Indicators Impact Bitcoin Price Predictions:

  • Labor Market Cooling: The weaker-than-expected job growth might encourage a shift towards non-traditional assets like Bitcoin, especially if concerns about economic slowdown prompt investors to diversify.
  • Strong Services Sector: A robust service sector could temper this effect, however, suggesting resilience in the broader economy that might support a stronger dollar and potentially limit Bitcoin’s appeal as a safe haven.

Bitcoin Price Prediction: Analyzing U.S. Session Trends


Bitcoin (BTC/USD) is currently trading at $70,900, reflecting a decrease of about 1%. However, the green line indicates the pivot point at $70,600, a critical level for today’s trading, suggesting a bullish Bitcoin price prediction.

Above this pivot point, immediate resistance is at $71,800, followed by $72,500 and $73,100. On the downside, immediate support is found at $70,600, with further support levels at $69,650 and $68,500.

The recent symmetrical triangle’s bullish breakout over the $70,600 mark is still providing support to Bitcoin. The 50-day Exponential Moving Average (EMA) at $69,000 and the Relative Strength Index (RSI) at 66 both support a buying trend.

Bitcoin Price Prediction - Source: TradingView
Bitcoin Price Prediction – Source: TradingView

A double top pattern is forming near the $71,800 level, extending resistance. However, an increase in buying momentum could push Bitcoin to break this resistance and target the next level of $72,500.

Conclusion: Buy above $70,600 and monitor for potential upside towards $71,800 and $72,500. If the price falls below $70,600, it may signal a bearish trend.

Disclaimer: The text above is an advertorial article that is not part of Cryptonews.com editorial content.

More Articles

Opinions
Opinion: Crypto Has a Trust Problem—Here’s How We Can Fix It
Mona El Isa
Mona El Isa
2025-02-16 18:08:06
Features
Coinbase Just Made Huge Predictions on Crypto’s Future
Connor Sephton
Connor Sephton
2025-02-16 18:03:15
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors