Bitcoin continues its upward momentum, trading around $71,300, fueled by a significant influx into U.S. spot Bitcoin exchange-traded funds (ETFs) totaling $1.2 billion in two days. This surge in investment is driving investor confidence, especially with the anticipation of a potential rate cut by the Federal Reserve and a weakening US dollar, supporting Bitcoin’s price increase. The stability of Bitcoin above $71,000 is attributed to the substantial inflow of almost $900 million into Bitcoin ETFs, underscoring its appeal as a robust investment. The inflows have also impacted related tokens, sparking rallies in tokens like ORDI and PUPS.
Bitcoin ETFs are gaining global acceptance, with Thailand recently approving its first spot Bitcoin ETF, limited to wealthy and institutional investors. This move aligns Thailand with countries like the U.S., U.K., and Hong Kong, highlighting Bitcoin’s recognition as a legitimate financial asset. Market optimism is high, with predictions from industry experts like Mike Novogratz of Galaxy Digital suggesting that Bitcoin could surpass $100,000 by year-end if it reaches $73,000 soon. Analysts like Samson Mow also foresee a price surge driven by recursive demand, where rising prices fuel further demand. These factors are driving optimism and potential rallies in Bitcoin’s price.
Investor enthusiasm is surging as expectations for a Federal Reserve rate cut during the September meeting are growing. Anticipated to be at least a 25 basis points reduction, some investors are hoping for a 50 basis points cut. The possibility of a rate cut is boosting investor sentiment, as it would lower interest rates, making traditional savings less attractive and encouraging investors to seek higher returns in alternative assets like Bitcoin. The potential shift in investment strategy could drive up demand for Bitcoin, pushing its price higher amidst lower interest rates.
In terms of technical analysis, Bitcoin is currently trading at $71,166, having broken through an asymmetric triangle pattern. The pivot point at $70,436 is crucial for determining market direction, with immediate resistance levels at $71,778 and potential targets at $73,424 and $74,982. On the support side, levels at $69,652, $68,540, and $67,570 could act as safety nets in case of a price dip. Technical indicators support a bullish outlook, with the RSI indicating a moderately overbought condition and the 50 EMA aligning closely with the current price action.
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