Bitcoin Struggles to Break $70,000 Resistance – What’s Next?
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 week. This surge was driven by inflows into Bitcoin spot ETFs and optimism surrounding the potential approval of Ethereum spot ETFs by the SEC.
BlackRock’s IBIT Leads Inflows and Institutional Demand for Bitcoin ETFs
Bitcoin spot ETFs in the US have seen significant 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 experienced notable inflows.
Other bitcoin ETFs have not seen much activity. However, BlackRock’s IBIT has attracted 414 institutional investors, making it the fastest-growing ETF. The success of this fund, along with the increasing institutional interest in bitcoin ETFs, reflects growing confidence in cryptocurrencies. This is likely to boost demand for BTC and have a positive impact on the broader crypto market.
Ethereum and Bitcoin ETFs Drive 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 positively impact BTC and the crypto market as a whole.
Kaleo Predicts Bullish Future for Bitcoin and the Crypto Market
Analyst Kaleo predicts that the true bull cycle for cryptocurrencies is 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 suggest that significant capital inflows will ignite a frenzy in altcoins and decentralized applications.
Despite a slight drop in Bitcoin’s price to around $69,000 and Ethereum’s price at $3,737, Kaleo remains optimistic and sees substantial opportunities ahead. This bullish outlook is likely to drive increased investor interest and capital inflows, potentially boosting prices across the crypto market.
Bitcoin Price Prediction
Bitcoin is currently trading at $69,563, up 0.65%, indicating a bullish Bitcoin price prediction. The 4-hour chart shows a pivot point at $68,944. Immediate resistance levels are at $72,030, $73,734, and $75,480. 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.
The formation of a doji candle followed by a bullish candle indicates exhaustion in selling pressure and the 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.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could lose all of your capital.
