The global crypto market cap has experienced a decline of 3.29% over the last 24 hours, coinciding with a 1.9% drop in the price of Bitcoin, which is currently trading at $64,617. The continuous drop in the crypto market is causing more money to flow out of spot Bitcoin ETFs, marking the fifth straight day of losses totaling $140 million.
Here’s what you should know.
Global Liquidity Index: What It Tells Us
Interestingly, the Global Liquidity Index (GLI) closely mirrors Bitcoin’s ups and downs, hinting at a possible big price jump for Bitcoin, maybe reaching new highs by 2025. Could this mean that Bitcoin will see a new all-time high in 2025?
According to the tweet post, the Global Liquidity Index (GLI) has reached its lowest point, hinting at an upcoming surge in liquidity. Traditionally, when liquidity rises, Bitcoin tends to experience bullish trends. Therefore, the expectation is that Bitcoin’s price will continue to rise in the coming years.
Observers are closely monitoring this trend, with many predicting that the ongoing rise in GLI could herald another significant surge in Bitcoin’s value. If the GLI continues its upward trajectory, it may indicate that Bitcoin is poised for a major price increase, potentially reaching a new peak by 2025.
Bitcoin Price Analysis
Looking at the technical perspective bitcoin is trading below the 50-day moving average, and holds above the 200-day, indicating potential short-term weakness but long-term resilience.
However, a break above the 50-day moving average could drive Bitcoin to $69,000 and its previous record of $73,808 from the current price level of $64,560. On the flip side, a drop below $64,000 may lead to a slide to $60,365.
Although the Open interest in Bitcoin contracts has slightly decreased to $19 billion, the Relative Strength Index (RSI) of 39.47 suggests that there is still room for Bitcoin to fall further before reaching oversold levels.
Also Read: Crypto Expert Predicts XRP’s Next Big Surge: 7x Gains Possible by 2025!
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