The sentiment indicator rose to 73, returning to the upper limit of the last three months’ range — an important preparatory stage for the first cryptocurrency’s further upward movement.
Bitcoin exceeded the $109.5K mark yesterday evening. A small corrective pullback at the start of the day on Thursday by 1,000 was quickly replaced by a return to the highs of early June. The historical high of around $112K, set at the end of May, may be tested for strength or updated before the end of this week, given the fairly high risk appetite in global markets. However, it is worth remembering that the monthly US employment report, due later Thursday, could serve as both a catalyst and an insurmountable obstacle.
According to Glassnode, 96.7% of the first cryptocurrency’s supply is in profit, which indicates a high risk of volatility.
Public companies have outperformed ETFs in terms of Bitcoin purchases for the third quarter in a row, thanks to which BTC remains stable, according to QCP Capital. At the same time, the SEC is speeding up the approval of exchange-traded funds based on crypto assets. The regulator has approved the launch of ETFs based on Ethereum and Solana with staking capabilities and has also given the green light to the Grayscale fund, which includes BTC, ETH, XRP, SOL and ADA.
Standard Chartered predicts that Bitcoin will grow to $135,000 in the third quarter and to $200,000 by the end of this year. The main drivers of growth will be inflows into spot ETFs and corporate purchases.
