Crypto Market Update: Bitcoin Attempts Rally Beyond $71,000 Resistance
Welcome to the latest crypto market update, where Bitcoin (BTC) is currently trying to rally beyond the resistance level of around $71,000. After a fake breakout earlier this week, the price of Bitcoin rebounded to the support level of around $68,000. Despite this volatility, on-chain data shows that Bitcoin whales have been accumulating more coins. Additionally, more wealth fund managers are diversifying their portfolios by investing in the digital asset industry, with a focus on Bitcoin and Ethereum.
Bitcoin Demand Unwavering
In recent news, South Korea’s pro-Bitcoin Democratic Party, which has pledged to allow investors to invest in spot BTC ETFs locally and internationally, has emerged victorious in the national election. This victory comes on the heels of a push by Hong Kong fund managers to offer regulated spot Bitcoin ETFs. Despite concerns raised after the approval of spot Bitcoin ETFs in the United States, Grayscale’s GBTC experienced a minimal cash outflow of approximately $18 million on Wednesday. In a related development, Grayscale’s CEO Michael Sonnenshein has announced plans to reduce the sponsor fee for the Grayscale Bitcoin Mini Trust, which is awaiting approval from the U.S. SEC.
Moreover, BlackRock’s IBIT and Fidelity’s FBTC collectively hold more than 411,000 Bitcoins, reflecting the growing interest in digital assets among institutional investors.
Pre-halving BTC Price Analysis
According to crypto analyst Michaël van de Poppe, Bitcoin’s price needs to break the resistance range between $71,000 and $72,000 in the coming days to establish a new all-time high (ATH) before the halving event. Sustained Bitcoin prices near $72,000 in the following weeks could have a positive impact on the entire altcoin market. Another crypto analyst, Captain Faibik, predicts that if Bitcoin breaks out of the bullish pennant formation, its price could target $85,000.
Closing Thoughts 🚀
As the crypto market continues to evolve, Bitcoin’s attempt to rally beyond the $71,000 resistance level signals growing investor confidence. With institutional interest in digital assets on the rise and the potential for new price records on the horizon, the crypto landscape is poised for further excitement and developments. Stay tuned for more updates on the dynamic world of cryptocurrencies and blockchain technology!
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