Bitcoin has continued its upward trajectory, currently trading at around $70,750 with the total cryptocurrency market value nearing $2 trillion at $1.97 trillion. This increase of 1.75% in 24 hours has been driven by heightened interest from U.S. investors, as well as substantial investments in Bitcoin spot ETFs. Bitcoin’s market capitalization has surpassed $1 trillion, indicating a strong market confidence in the cryptocurrency.
Institutional interest in Bitcoin has surged, with ETF assets skyrocketing. BlackRock’s BIT Bitcoin ETF has accumulated over 250,000 BTC valued at $17.7 billion just 11 weeks after its launch, with $323.8 million added in a single day. Fidelity’s FBTC ETF has also exceeded $10 billion in assets, holding over 143,000 BTC. Ark Invest 21Shares’ ARKB experienced record inflows of $200.7 million, while Grayscale’s GBTC saw a decline of $299.8 million. The inflows into Bitcoin ETFs are indicative of increased institutional engagement, potentially driving Bitcoin’s price higher.
Renowned author Robert Kiyosaki, known for “Rich Dad Poor Dad,” has raised his Bitcoin forecast, predicting a peak of $100,000 by September. He plans to increase his own Bitcoin holdings before April and advocates for acquiring the cryptocurrency, as well as silver, to protect against the volatility of fiat currency. Kiyosaki aligns with MicroStrategy’s Michael Saylor in emphasizing tangible assets such as gold, silver, and Bitcoin over fiat currency. His support for Bitcoin, including a previous prediction of a $300,000 value within the year, has positively influenced market sentiment towards the cryptocurrency.
Bitcoin’s price has reached $70,613, increasing by 1.75% and displaying bullish momentum in the market. The cryptocurrency is trading above the pivot point of $68,493, suggesting potential for further gains. Resistance levels are identified at $71,677, $73,543, and $75,116, while support levels at $66,802, $64,875, and $63,078 provide a safety net against downward movements. The Relative Strength Index (RSI) at 60 indicates strong buying interest, and the 50-day Exponential Moving Average (EMA) at $68,090 supports the bullish trend. The overall outlook for Bitcoin remains positive, with a sustainable level above $68,495.
For investors looking to explore alternative cryptocurrencies, a curated list of the top 15 digital assets and ICO projects to watch in 2024 is available. These selections have been made by professionals from Industry Talk and Cryptonews to offer expert advice and insights for cryptocurrency investments. It is important to note that cryptocurrency investments are high-risk and can lead to capital loss, so caution is advised when entering this market. This list provides an opportunity for investors to stay informed and discover the potential of different digital assets as part of their investment portfolio.
