Bitcoin started the week with strong momentum, remaining above $64,000 and reaching a high of $64,496. The total market capitalization for cryptocurrencies has risen to $2.36 trillion, partly due to softer US NFP data, leading to expectations of a Federal Reserve rate cut in September. Increased investor confidence is reflected in significant inflows into Bitcoin ETFs, including $63 million to Grayscale Bitcoin Trust, as well as the launch of Bitcoin ETFs in Hong Kong and Bitcoin surpassing 1 billion on-chain transactions. This signals a positive trajectory for the leading cryptocurrency, with market experts predicting further adoption driven by institutional interest and new financial products.
Bitcoin’s blockchain has surpassed a milestone of 1 billion transactions, highlighting its importance as a major payment system globally. Achieving this milestone in just 15 years, Bitcoin has outpaced Visa, which took 25 years to reach the same milestone. The rapid adoption of Bitcoin, currently at 4.7%, suggests vast potential for further expansion, parallel to the early growth of the internet. Institutional interest and the introduction of new financial products like spot Bitcoin ETFs are expected to drive continued adoption, indicating a bright future for the digital currency.
The Grayscale Bitcoin Trust (GBTC) saw a positive inflow of $63 million after 11 weeks of outflows, sparking optimism for Bitcoin’s price. The GBTC remains the largest Bitcoin spot ETF with $18.7 billion in assets, despite competition from spot Bitcoin ETFs. To regain ground, Grayscale proposed a “mini” Bitcoin ETF with lower fees. The positive news for Grayscale surprised the market and signalled renewed investor interest and confidence in Bitcoin, contributing to an upward pressure on the BTC price.
Bitcoin’s current pivot point is at $64,655, with the price prediction bearish below this level and bullish above it. Resistance levels are identified at $67,084, $69,356, and $71,309, while support levels are at $61,531, $59,164, and $56,677. The market sentiment is bearish under $64,655, but shifting above this level could lead to a more bullish outlook. The Relative Strength Index (RSI) is at 61, indicating neutral conditions, and the 50-day Exponential Moving Average (EMA) at $61,652 could offer additional support.
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