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Bitcoin, the leading cryptocurrency, experienced a sharp rise, surging 4.9% and breaking past the $56,000 mark. The digital asset hit an intra-day high of $57,884 as $36 billion flowed into the market. Investors are awaiting clues from the US Federal Open Market Committee (FOMC) meeting in hopes of a dovish stance. Despite a brief dip earlier due to weak U.S. employment data, Bitcoin rebounded, gaining 8.3% from a weekly low of $52,546. Analysts attribute the rally to rising optimism over potential Federal Reserve interest rate cuts, which could increase liquidity and drive demand for digital assets. Political discussions around cryptocurrency regulation are also contributing to the positive momentum.

Bitcoin’s price recently dipped from its $64,000 peak and is currently trading around $56,000. Despite this decline, analysts remain optimistic. Analysts note a “cup and handle” pattern, often a bullish signal, indicating Bitcoin could surpass $130,000. While a recent sell-off saw Bitcoin holders selling over 642,000 BTC valued at $36 billion, many may be transitioning to long-term holdings. Increased buying activity, as indicated by the Taker Buy/Sell Ratio on the HTX exchange, points towards a potential price rebound. Overall, while recent sell-offs may create short-term pressure, technical patterns and renewed buying interest suggest a bullish outlook for Bitcoin.

Investment advisors are increasingly embracing Bitcoin exchange-traded funds (ETFs), with BlackRock’s spot Bitcoin ETF attracting approximately $1.5 billion in allocations. Matt Hougan, Chief Investment Officer at Bitwise Investments, highlighted that this interest marks a significant milestone for crypto, making BlackRock’s IBIT fund the second-fastest-growing ETF this year. Strong institutional interest in Bitcoin ETFs signals growing confidence in Bitcoin, potentially driving up prices and further legitimizing its role in traditional finance. Bloomberg’s Eric Balchunas noted that BlackRock’s ETF has the highest organic inflows of 2023, indicating a strong appetite for crypto assets among institutional investors.

Bitcoin is currently trading at $57,513, up 1.61%, supported by the $56,550 level, which aligns with the 50-day EMA at $56,400. Holding above this zone suggests continued bullish momentum, with the next key resistance at $58,490. A break above this level could push Bitcoin toward $59,820, with a further target at $61,200. The RSI is at 62, indicating a bullish trend but leaving room for consolidation as Bitcoin approaches resistance. If Bitcoin fails to hold above $56,550, the next support levels to watch are $55,300 and $53,650. While a break below these levels could trigger a deeper pullback, the overall outlook remains positive as long as Bitcoin holds key support levels.

Pepe Unchained ($PEPU) is making waves in the meme coin space, quickly emerging as a standout contender. With a focus on strong potential for gains during its presale phase and a high APY staking feature offering an excellent passive income opportunity, $PEPU is attracting investors looking for long-term growth. The project has already gained substantial community confidence with over 321 million $PEPU tokens staked, solidifying its position as a promising investment. With a secure and transparent investment platform audited by trusted firms and convenient purchase options available for investors, $PEPU is gaining attention for its potential to deliver substantial returns. Investors are urged to act fast before the next price increase in the presale to secure $PEPU at a lower rate before the price rises.

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