Bitcoin (BTC) is getting close to its all-time high of $111,917, rising to $107,340 thanks to strong demand from ETFs and growing expectations of a Federal Reserve rate cut.
📈 Why Bitcoin Is Going Up
Bitcoin’s price climbed slightly over the weekend after a week of strong buying activity, especially in spot Bitcoin ETFs.
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BlackRock’s IBIT led the way with $1.3 billion in inflows.
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In total, spot Bitcoin ETFs brought in $2.2 billion in just one week.
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This demand, combined with hopes the Fed will cut interest rates in Q3, is helping push Bitcoin closer to its record high.
🏦 Fed Signals a Rate Cut
New U.S. data showed that personal income and spending dropped in May, suggesting people are spending less. This weak data increases the chances that the Fed may lower interest rates soon to boost the economy.
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The chance of a rate cut in Q3 jumped to 91.4% (up from 69.7% a week ago).
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Several Fed officials have shown support for easing monetary policy.
💡 What Could Happen Next
Bitcoin’s price now depends on a few key things:
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Fed rate decisions
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Geopolitical news (like tensions in the Middle East)
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US economic data
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ETF inflows
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Crypto-friendly laws (like the Bitcoin Act)
🔼 Bullish Outlook:
If ETF demand stays strong, the Fed cuts rates, and political support for crypto grows, Bitcoin could hit or pass its all-time high and reach $115,000.
🔽 Bearish Outlook:
If tensions rise, the Fed stays aggressive, or ETF inflows slow down, Bitcoin might fall below $100,000.
🔍 Technical Analysis (BTC)
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BTC is trading above both its 50-day and 200-day EMAs, showing bullish momentum.
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A move above $110,000 could lead to a breakout past $111,917, possibly toward $115,000.
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A drop below $105,000 might trigger a fall below $100,000.
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RSI at 56.63 suggests BTC still has room to grow before becoming overbought.
🪙 Ethereum Update (ETH)
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Ethereum is above the 50-day EMA but still below the 200-day EMA.
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Spot Ethereum ETFs are lagging, with less than $300 million in inflows (vs BTC’s $2.2B).
ETH Bullish Target:
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Break above the 200-day EMA and aim for $2,879, then possibly $2,815+.
ETH Bearish Target:
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Drop below the 50-day EMA and test $2,308, possibly down to $2,119 or even $2,000.
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RSI at 47.42 shows ETH isn’t overbought or oversold yet.
Disclaimer: This article is only for
information and not financial advice. The opinions shared here may be the
writer’s personal views. Please do your own research before making any
investment choices. We are not responsible for any money you may lose.
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