What’s the latest buzz surrounding Bitcoin on June 10, 2024? The price of Bitcoin is striving to maintain stability above $69, hitting a peak today at $69,769.
Over the past few days, the leading cryptocurrency in the market has witnessed a significant price recovery, pushing its value towards the $71 mark following a surge in inflows from spot Bitcoin exchange-traded funds (ETFs) last week.
Analyzing the recent developments in the network and Bitcoin’s price action, well-known cryptocurrency analyst Ali Martinez has observed signs of an upcoming uptrend for the largest cryptocurrency in the market. In a recent analysis shared on June 9, Martinez pointed out that the number of daily Bitcoin addresses has broken a downtrend that began on March 5.
Martinez highlighted the increase in network activity as a positive indicator for Bitcoin’s bullish momentum to persist, with a surge in the number of active Bitcoin addresses in the past 24 hours. Additionally, he noted that the buy and sell rate on exchange HTX Global has risen to 730, indicating strong buying pressure and a potential upward movement in Bitcoin’s price.
Moreover, Martinez made a bold prediction regarding the next local peak for Bitcoin, suggesting a new all-time high price of around $89,200 for the cryptocurrency.
At the time of writing, the price of Bitcoin stands at $69,414.92, showing a slight decrease of 0.1% in the last 24 hours.
Disclaimer: The opinions expressed in this article are solely for informational purposes and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF, while Bitcoin ETFs have reached a milestone with a record of $887 million in inflows.