Bitcoin (BTC) is experiencing resistance around $70,000 after a bullish start to the week, reaching a peak of $71,957 with a 13% gain over the past seven days. The rise in BTC price was fueled by inflows into Bitcoin spot ETFs and anticipation for Ethereum spot ETF approval by the SEC. BlackRock’s IBIT captured 94.86% of recent inflows, totaling $280 million out of $305.7 million, and now holds nearly 282,000 BTC, making it a significant player in the market alongside Grayscale’s Bitcoin Trust. The success of BlackRock’s IBIT and growing institutional interest in BTC ETFs indicate increasing confidence in cryptocurrency, which could boost BTC demand and have a positive impact on the broader crypto market.
Analyst Kaleo predicts that the true bull cycle for cryptocurrencies has yet to begin, with Bitcoin currently in an accumulation phase. He forecasts that Bitcoin could reach $150,000 to $200,000, and Ethereum might surge to around $12,000. Significant capital inflows are expected to spark excitement in altcoins and decentralized applications. Despite Bitcoin and Ethereum experiencing slight drops, Kaleo remains optimistic about future opportunities in the crypto market, which can drive increased investor interest and capital inflows, potentially leading to price boosts.
Bitcoin (BTC/USD) is trading at $69,563 with a bullish outlook, showing a 0.65% increase. The 4-hour chart indicates a pivot point at $68,944, with immediate resistance levels at $72,030, $73,734, and $75,480, and key support levels at $67,549, $65,949, and $63,901. The RSI is at 55, suggesting moderate momentum, while the 50 EMA at $67,532 supports a slight bullish bias. Bitcoin trading above the $68,950 support level indicates a positive outlook, with potential resistance around $71,000 and $72,000.
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