Bitcoin (BTC) is continuing its upward trend, currently trading at around $70,750 with the cryptocurrency market’s total value approaching $2 trillion at $1.97 trillion, showing a 1.75% increase in the last 24 hours. Bitcoin’s market capitalization has surpassed $1 trillion, driven by increased interest from U.S. investors and substantial investments in Bitcoin spot ETFs. Notably, BlackRock’s BIT and Fidelity’s FBTC ETFs have seen significant growth in assets, with BlackRock’s ETF amassing over 250,000 BTC valued at $17.7 billion and Fidelity’s ETF crossing $10 billion in assets with over 143,000 BTC. Moreover, Ark Invest 21Shares’ ARKB experienced record inflows of $200.7 million, while Grayscale’s GBTC saw a decline of $299.8 million, reflecting shifting market preferences.
The surge in institutional interest in Bitcoin is evidenced by the substantial growth in assets of various Bitcoin ETFs, pointing towards strong market confidence. For instance, the significant inflows into Bitcoin ETFs indicate heightened institutional engagement, potentially contributing to driving Bitcoin’s price further up. Renowned author Robert Kiyosaki has also upgraded his Bitcoin forecast, predicting a $100,000 peak by September due to an anticipated halving event. Kiyosaki advocates for the acquisition of tangible assets such as gold, silver, and Bitcoin, aligning with MicroStrategy’s Michael Saylor in considering fiat currency unreliable. His support for Bitcoin, including a prior prediction of a $300,000 value within the year, has greatly influenced the market’s bullish sentiment towards Bitcoin.
Bitcoin’s price prediction remains positive, with the cryptocurrency currently trading at $70,613, displaying a bullish momentum. Immediate resistance levels are at $71,677, $73,543, and $75,116, challenging the uptrend, while support levels are identified at $66,802, $64,875, and $63,078, safeguarding against downward movements. The Relative Strength Index (RSI) at 60 signals strong buying interest, and the 50-day Exponential Moving Average (EMA) at $68,090 supports the bullish trend. Overall, the outlook for Bitcoin is optimistic, with the sustainable level above $68,495 indicating a continued upward trajectory.
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