Crypto Week Ahead: Bitcoin Bulls Could Take BTC To $67,000 With Buying Pressure

Over the past seven days, Bitcoin (BTC) price achieved a high of $63,397.98.

BTC dominance, at the time of writing, stood at 53.61 percent.

Source : Eivind Pedersen/Pixabay

Bitcoin (BTC), the most popular cryptocurrency in the world, managed to recover slightly from the losses of the past week as it surged past the $63,000 mark over the weekend. Due to the low prices, there’s a gradual increase in buyers’ interest on BTC of late and it is largely believed that if Bitcoin Bulls manage to keep the buying pressure, BTC could reach the $67,000 mark later this week. It remains to be seen if buyers remain keen or not. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (June 24), the overall crypto market cap stood at $2.29 trillion. BTC price stood at around $62,582.10, ETH price stood at around $3,400.

A week later, the overall market cap dipped to $2.29 trillion.

DeFi's total volume stands at $3.86 billion, at 7.16 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $49.84 billion, at 92.54 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 49 points (out of 100).

BTC dominance, at the time of writing, stood at 53.61 percent.

Over the past seven days, Bitcoin achieved a high of $63,397.98 (on July 1) and a low of $60,025.31 (June 29).

Ethereum, on the other hand, saw a high of $3,512.43 (July 1) and a low of $3,333.86 (June 26).

Crypto Events To Note

The Digital Chamber (TDC) has called on the US Securities and Exchange Commission (SEC) to cease what it describes as unwarranted enforcement actions against the cryptocurrency sector. This plea follows the SEC's recent legal move against Consensys, a prominent blockchain technology company.

TDC asserts that the SEC's aggressive approach is stifling innovation and hindering progress in the financial technology landscape. The chamber believes that such actions are not only excessive but also harmful to the broader goals of financial innovation and inclusion.

Additionally, Dave Portnoy, the well-known founder and owner of Barstool Sports, has advised investors to prioritise bitcoin when considering cryptocurrency investments. Reflecting on his own experiences in the volatile crypto market, Portnoy shared insights into the lessons he has learned.

"I’ve learned that the hard way," Portnoy remarked, hinting at the challenges he has faced with previous investments in various cryptocurrencies. His experiences have led him to place greater trust in Bitcoin as a more reliable option.

Portnoy also mentioned his plans to increase his bitcoin holdings, especially if there is a significant drop in its price. This strategic move underscores his confidence in Bitcoin's potential as a strong long-term investment.

Lastly, Steno Research, a prominent firm specializing in macroeconomics, geopolitics, and cryptocurrency analysis, has released a bold forecast regarding the future of Ether (ETH). According to their latest insights, the anticipated launch of a spot Ether ETF in early July could propel the cryptocurrency's value to $6,500.

This optimistic projection from Steno Research surpasses the expectations of many leading analysts. The firm suggests that the introduction of Ether ETFs could attract substantial investment, potentially driving up to $20 billion in inflows within the year. This influx of capital is expected to significantly bolster the market performance of Ether.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Bitcoin is experiencing increased buying interest at lower levels indicating renewed interest. If Bitcoin bulls can generate enough buying pressure to break out of the current sideways movement, BTC could potentially reach $67,000 this week.

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.