Bitcoin Struggles at $70,000 Resistance: What’s the Next Level to Watch?
Bitcoin (BTC) is currently facing resistance at the $70,000 level. After a bullish start to the week, BTC reached a peak of $71,957, marking a 13% gain over the past seven days. This surge was driven by increased inflows into Bitcoin spot ETFs and optimism surrounding the potential approval of Ethereum spot ETFs by the SEC.
BlackRock’s IBIT Leads Institutional Demand for Bitcoin ETFs
Bitcoin spot ETFs in the US have experienced notable success, with BlackRock’s IBIT capturing 94.86% of recent inflows, totaling $280 million out of $305.7 million. This fund now holds nearly 282,000 BTC, putting it in close competition with Grayscale’s Bitcoin Trust. Fidelity’s FBTC has also seen significant inflows.
Other Bitcoin ETFs have not seen any activity. BlackRock’s IBIT has attracted 414 institutional investors, making it the fastest-growing ETF. The success of this ETF, along with the growing institutional interest in Bitcoin ETFs, indicates a rising confidence in cryptocurrencies. This is likely to drive increased demand for BTC and have a positive impact on the broader crypto market.
Ethereum and Bitcoin ETFs Fuel Growth in the Crypto Market
In Hong Kong, Ethereum ETFs are gaining traction, with ChinaAMC’s ETF surpassing 5 million HK dollars in inflows after a surge on Tuesday. Harvest Global, Bosera, and HashKey Capital have also seen success, with higher trading volumes and price increases of over 18%.
In the US market, all eyes are on the SEC’s decision regarding spot Bitcoin ETFs. As of Tuesday, net inflows for these ETFs reached $306 million. Analysts have raised the approval rates for VanEck’s spot Ethereum ETF from 25% to 75%. The success of Ethereum ETFs in Hong Kong and the anticipated SEC decision on Bitcoin ETFs highlight the growing interest from investors, which is likely to boost demand and have a positive impact on BTC and the crypto market as a whole.
Kaleo’s Bullish Predictions for Bitcoin and the Crypto Market
Analyst Kaleo predicts that the true bull cycle for cryptocurrencies has yet to begin, with Bitcoin currently in an accumulation phase. He forecasts that Bitcoin could reach $150,000 to $200,000, while Ethereum might surge to around $12,000. These predictions, along with the expected significant capital inflows, are likely to ignite a frenzy in altcoins and decentralized applications.
Despite Bitcoin’s recent drop to around $69,000 and Ethereum’s price at $3,737, Kaleo remains optimistic and sees substantial opportunities ahead. This bullish outlook is expected to drive increased investor interest and capital inflows, potentially boosting prices across the crypto market.
Bitcoin Price Prediction
As of now, Bitcoin is trading at $69,563, showing a 0.65% increase and signaling a bullish Bitcoin price prediction. The 4-hour chart indicates a pivot point at $68,944. Immediate resistance levels are at $72,030, $73,734, and $75,480, while key support levels are at $67,549, $65,949, and $63,901.
The RSI is at 55, indicating moderate momentum. The 50 EMA is at $67,532, supporting a slight bullish bias. Bitcoin’s trading above the $68,950 support level suggests a bullish outlook, with potential resistance around $71,000 and $72,000.
Bitcoin Price Prediction
The formation of a doji candle followed by a bullish candle suggests that selling pressure may be exhausted and there is potential for upward movement.
In conclusion, the outlook for Bitcoin remains bullish as long as it stays above the $68,950 level. A break below this level could trigger a sharp selling trend.
Bitcoin Price Prediction 2024 – 2034
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could potentially lose all of your capital.
