Bitcoin Price Overview
As of today, Bitcoin (BTC) is trading at $70,912.70, with a slight 24-hour dip of -0.28%. Key market metrics:
- Market Cap: $1.396 trillion (Rank #1)
- Circulating Supply: 19,708,078 BTC
- Max Supply: 21,000,000 BTC
Recent Performance (USD)
| Time Frame | Price Change | Percentage |
|---|---|---|
| Last 24 Hours | -$197.60 | -0.28% |
| 7 Days | +$3,325.50 | +4.92% |
| 30 Days | +$7,245.80 | +11.38% |
| 3 Months | +$2,787.80 | +4.09% |
BTC Breaches $71K Amid Fed Rate Cut Speculation
Bitcoin surged past $71,247 on June 5, fueled by:
- Economic Data: Weak U.S. labor reports heightened expectations for Federal Reserve rate cuts.
- Technical Convergence: BTC’s 5-day, 30-day, and 50-day moving averages narrowed volatility, signaling potential breakout momentum.
👉 Discover how institutional demand is reshaping BTC’s trajectory
Drivers Behind Bitcoin’s Rally
Spot ETF Inflows: U.S. Bitcoin ETFs recorded $887M in net inflows, led by:
- Fidelity Wise Origin Bitcoin Fund ($378M)
- BlackRock’s iShares Bitcoin Trust ($275M)
- Institutional Adoption: Growing ETF investments reflect heightened institutional confidence in crypto as a legitimate asset class.
Can BTC Set a New ATH?
Bullish Indicators
- Mike Novogratz’s Prediction: Galaxy Digital’s CEO projects $100K** by year-end if BTC clears **$73K resistance.
- Regulatory Tailwinds: Potential FIT21 bill passage could attract traditional investors.
Risks
- Profit-Taking: Glassnode data warns of sell pressure from long-term holders sitting on unrealized gains.
How to Buy Bitcoin
Follow these steps to purchase BTC securely:
- Sign Up: Register on a reputable exchange like 👉 OKX.
- Complete KYC: Verify identity per local regulations.
- Deposit Funds: Use fiat or USDT via C2C platforms.
- Trade: Navigate to BTC/USDT pair and execute buy/sell orders.
FAQs
Q1: What’s fueling Bitcoin’s current price surge?
A: Fed rate cut hopes and ETF inflows are primary catalysts.
Q2: Is $100K realistic for BTC in 2024?
A: Analysts like Novogratz view it as achievable with key technical breaks.
Q3: How do ETFs impact Bitcoin’s price?
A: They bridge institutional demand, reducing supply liquidity and driving prices up.