Despite hawkish remarks from Federal Reserve officials and stronger-than-expected U.S. economic data, which have reduced the likelihood of a Fed rate cut, Bitcoin (BTC) has managed to regain some traction. The cryptocurrency edged slightly higher, reaching around $67,785 and hitting an intraday high of $68,848.

The strengthened US dollar (USD) and ongoing geopolitical tensions, however, may limit Bitcoin's gains, leading to potential volatility. Traders will closely monitor the Fed's Beige Book, John Williams' speech, and the upcoming US Core Personal Consumption Expenditures Price Index (Core PCE) release for further cues on Bitcoin price movements.

BlackRock's Bitcoin ETF Surpasses Grayscale's GBTC

In a significant development, BlackRock's Bitcoin ETF (IBIT) has overtaken Grayscale's GBTC to become the largest Bitcoin fund, with nearly $20 billion in assets under management (AUM). This milestone, achieved on May 28, saw IBIT recording over $100 million in inflows. In just four months, IBIT amassed $19.79 billion in AUM, while GBTC's AUM declined by around $18 billion during the same period.

The substantial net inflows into BlackRock's ETF have led to its market dominance, with ETFs now controlling 5% of Bitcoin's total supply. This development could positively impact BTC price sentiment, signaling heightened institutional involvement and stimulating further investment in the cryptocurrency market.

Altcoin Surge Predicted, Boosting Bitcoin Price Sentiment

The cryptocurrency market is currently volatile, with Bitcoin's price dropping by $2,000 before stabilizing around $68,400. However, respected crypto analyst TechDev predicts a potential market surge, particularly for altcoins. He notes similarities to 2020's market conditions and points to technical indicators like Bollinger Bands and Gauss channels as signs of possible breakouts and bullish cycles for Ethereum and other altcoins.

These insights suggest monitoring these indicators for low volatility and potential price turning points, indicating significant growth opportunities for both Bitcoin and altcoins. This prediction of an upcoming market surge based on technical indicators may positively impact BTC price sentiment, signaling potential growth opportunities ahead.

Bitcoin Price Outlook: Defending the $67,000 Level

Bitcoin's price slipped to $67,789, showing a slight decline of 0.15%. The pivot point, marked by the green line, is at $68,352, serving as a critical level for determining market direction and it's signaling a bearish Bitcoin price prediction.

The current technical setup for Bitcoin shows that maintaining above the pivot point of $68,352 is crucial. A break below this level could trigger further declines, while sustaining above it could lead to bullish momentum, targeting higher resistance levels.

In conclusion, Bitcoin's outlook hinges on its ability to stay above the pivot point of $68,350. A break below this level could prompt a significant selling trend, whereas holding above it might drive the price towards higher resistance levels, indicating potential bullish momentum. The influx of institutional investment, as seen with BlackRock's Bitcoin ETF, and the potential for an altcoin surge could provide the necessary support for Bitcoin to defend the $67,000 level.