Bitcoin at $67K: Investors buy the dip, but is that good news for $70K target?

According to Santiment’s data, a recent dip in Bitcoin’s price below $67,000 on 13th June, triggered a surge in buying activity, marking the second-largest spike in investor interest for Bitcoin in the last two months.

The first scenario when this happened, involved a sudden price increase in May 2024. This type of surge can entice traders to jump in, anticipating further price hikes and potential profits.

They may be driven by the belief that they are missing out on a lucrative opportunity if they don’t participate in the rally.

Conversely, a price drop, like the one witnessed on June 13th, can also trigger a buying frenzy. In this scenario, some traders might believe the price decline is unwarranted and represents a buying opportunity.

They anticipate a quick recovery and a chance to capitalize on a temporary dip.