The Current State of Bitcoin’s Price Recovery 📈
Bitcoin’s price has shown signs of recovery by surpassing the crucial support level above $67,000 after a rebound on Tuesday. The latest market data indicates that the price of Bitcoin increased by 2 percent in the past 24 hours, reaching around $66,300 during the early London session.
Factors Impacting Bitcoin’s Price
- Significant selling pressure from Grayscale’s GBTC, ARK 21Shares Bitcoin ETF (ARKB), and the US government.
- Outflow of $82 million from GBTC and $88 million from ARKB in the spot BTC ETFs’ daily flow on Monday.
- Deposit of more than $30k Bitcoins, valued at approximately $2 billion, by the US government to Coinbase.
Midterm Bitcoin Price Prediction
The upcoming fourth Bitcoin halving event is about seventeen days away, historically signaling the start of a macro crypto bull run. Despite Bitcoin’s price reaching a record high before the halving, it indicates the possibility of a super-cycle ahead, driven by institutional investors.
A crypto analyst known as Captain Faibik conducted a Bitcoin price analysis, revealing the formation of a bullish pennant in the four-hour time frame. To regain the bullish momentum, Bitcoin’s price needs to reclaim the support level above $70,000.
Another well-known technical analyst, Jason Pizzino, shared a similar perspective, suggesting that Bitcoin’s price is currently taking a break before resuming its bullish trend. As long as the price of Bitcoin stays above $48k, the macro bullish continuation remains strong.
Hot Take: Stay Informed and Stay Ahead 🔥
Keep a close eye on Bitcoin’s price movements and the factors influencing its current trajectory. Understanding the market dynamics and expert predictions can help you make informed decisions when investing in cryptocurrencies. Stay updated with the latest news and analysis to stay ahead in the crypto market.
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