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2nd Highest Weekly Close Ever — 5 Things to Know in Bitcoin This Week

Bitcoin impresses with high performance despite rangebound action below all-time highs. Upcoming macroeconomic events could influence volatility.

• Main Points:

  • BTC Price Action: Struggling at old $69,000 highs.

  • Market Dynamics: Influenced by U.S. economic data and whale activities.

  • Macroeconomic Events: Key U.S. inflation data and Fed meeting this week.

  • Weekly Close: Bitcoin's second-highest weekly close at $69,630.

  • Support and Resistance: Forming significant support/resistance flips.

• Detailed Insights:

  • BTC Price Action: Bitcoin faces resistance at $69,000, struggling to break past $74,000 due to macroeconomic triggers and whale liquidity moves.

  • Market Dynamics: U.S. macro data impacts Bitcoin's trajectory, with liquidity forming around the $69,000 spot price, signaling potential volatility.

  • Macroeconomic Events: This week’s CPI and Fed interest rate decisions are key. CPI release coincides with the Fed meeting, influencing market volatility.

  • Weekly Close: Bitcoin closed at $69,630, its second-highest weekly close, showing market strength. Breaking $71,700 is crucial, especially during CPI week.

  • Support and Resistance: Bitcoin flips old resistance into new support, a bullish sign. Analysts see this as a strong indicator of an ongoing bull market.

  • Whale Activity: Whales are reaccumulating Bitcoin for medium-term gains after a distribution phase, potentially impacting prices in the coming weeks.

Related: ETFs See 18 Days of Gains: Blackrock’s Bitcoin Holdings Surpass 300,000

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Michael Saylor Reveals Bitcoin ETFs Holding 1 Million BTC

Michael Saylor highlights that Bitcoin ETFs now hold over one million BTC, reflecting growing institutional and retail interest in cryptocurrency investment.

• Main Points:

  • ETF Holdings: 34 Bitcoin ETFs hold 1,031,973 BTC.

  • Investor Attraction: ETFs offer Bitcoin exposure without direct ownership.

  • Market Impact: BlackRock and Fidelity have major Bitcoin ETFs, shifting focus to the U.S.

  • MicroStrategy: Saylor's company owns 214,400 BTC.

  • Recent Trends: Bitcoin ETFs saw $131 million in inflows on June 7, marking 19 consecutive days of net inflows.

• Detailed Insights:

  • ETF Holdings: Bitcoin ETFs reach a milestone with over one million BTC, showing rising investor interest.

  • Investor Attraction: ETFs provide easy Bitcoin investment without managing cryptocurrency directly.

  • Market Impact: BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund lead the market, signaling a U.S. focus shift.

  • MicroStrategy: Saylor's MicroStrategy continues to amass Bitcoin, owning 214,400 BTC.

  • Recent Trends: U.S. Bitcoin ETFs attract $131 million in inflows on June 7, maintaining a trend of net inflows.

Related: Michael Saylor Settles $40M Tax Evasion Case

Inflation Explained: What It Is and Why It Happens

Inflation decreases currency purchasing power and raises prices, driven by increased money supply, interest rate manipulation, and quantitative easing.

• Main Points:

  • Higher Prices: Post-COVID-19 grocery prices reflect significant inflation.

  • Stimulus Impact: Government stimulus packages contributed to inflation.

  • Fed Actions: Raised interest rates to combat inflation.

  • Money Supply: Austrian economics attributes inflation to money supply increases.

  • Hidden Tax: Inflation acts as hidden taxation, eroding personal wealth.

• Detailed Insights:

  • Higher Prices: Inflation surged post-COVID-19 with government relief payments totaling $931 billion.

  • Fed Actions: The Federal Reserve raised rates to lower inflation from nearly 10% to a 2% target, but it remains above 3%.

  • Money Supply: Economist Murray Rothbard links inflation to uncontrolled fiat currency expansion, increasing prices.

  • Hidden Tax: Inflation reduces public wealth without consent, often blamed on corporate profits by politicians.

  • Wealth Preservation: People turn to Bitcoin and gold to protect against inflation and maintain financial sovereignty.

Related: US Banking Sector at Risk: $517B in Unrealized Losses, 63 Institutions in Trouble.

CAN YOU PREDICT THE PRICE?

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results