BNB, TON, FIL, and INJ can go much higher if Bitcoin price flips $69K
Bitcoin is trying to flip the $69,000 level into support, and if it does, BNB, TON, FIL and INJ may move higher.
Bitcoin (BTC) is down from its intra-week high of about $72,000, but the bulls are trying to hold the price above $69,000. Bitcoin is on target to end the week with marginal gains of just over 2%. Although Bitcoin has failed to rise above the overhead resistance, buyers have remained in place.
Farside Investors data shows roughly $1.7 billion in inflows into spot Bitcoin exchange-traded funds this week. That takes the total investments into spot Bitcoin ETFs to $15.5 billion as of June 6. The strong buying suggests traders anticipate the up move will continue.
However, Bitcoin fell on June 7, which pulled several altcoins lower. Trader Daan Crypto Trades said in X post that Bitcoin’s open interest dropped by $1.3 billion and Ether’s by $800 million during the fall. The decline does not seem to have unnerved investors. QCP Capital believes that Bitcoin and Ether will likely form local lows as the Federal Reserve’s future actions may benefit risk assets.
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Author: Rakesh Upadhyay
