Bitcoin (BTC) smashed through the $65,000 barrier and hit a high point of $66,500 during the day. Rising institutional interest is driving the bullish momentum, as the price stays above $66,000. BlackRock’s iShares Bitcoin Trust (IBIT) and the CME Group’s plans to start selling Bitcoin spots are two reasons for this comeback. Both are expected to make the market more liquid and increase demand.
Since it began trading in January, BlackRock’s iShares BTC Trust (IBIT) has received considerable attention from big buyers. In the first few months, 414 individual or institutional investors put funds into the trust, which has quickly grown to handle $16.65 billion in assets. The fact that assets are being added quickly shows that institutions are very interested, which is good for Bitcoin’s price.
Big investors like Millennium Management, Schonfeld Strategic Advisors, and Aristeia Capital have invested in IBIT, which shows that it’s a good investment. The trust’s fast rise to $16.65 billion shows that big institutions want to invest in Bitcoin, which is fueling the bullish trend in BTC.
Bitcoin Spot Trading CME Group’s Upcoming Venture
A big futures exchange in Chicago called the CME Group is getting ready to enter the spot trading market, which could raise Bitcoin’s price even more. The exact start date is still unknown, but CME’s past work in the crypto market gives its new venture more credibility. CME launched BTC futures in December 2017 and micro-Bitcoin futures in May 2021. With $9 billion in open interest, it has the most BTC futures.
As shown by the $303 million that flowed into spot BTC ETFs on Wednesday, demand for spot trading is rising quickly. CME’s move into spot trading will likely increase market liquidity and institutional participation, which could increase Bitcoin’s price.
A big reason for Bitcoin’s recent price rise is that institutional buyers are becoming more interested in spot BTC exchange-traded funds (ETFs). Matt Hougan, Chief Investment Officer of Bitwise, said that more than 900 professional companies have now invested $3.5 billion in BTC ETFs. This significant increase in funding from big businesses is a major change in the cryptocurrency market.
Even with this growth, institutional investors still only hold 7–10% of all Bitcoin ETF assets under management (AUM), which shows a lot of room for more growth. Hougan said that banks usually invest in a way that builds over time. This means they will likely make big investments in the future, which could help the BTC ETF grow and more people join the market.
The latest prediction for the BTC price shows that it might go back down after it passes the $66,600 mark. Bitcoin has finished a 38.2% Fibonacci rebound around $64,750, which is now a key support level and the point where the day’s trading will begin. As long as BTC stays above this level, it’s likely to go up again.
At $66,600, there is immediate pushback. After this, $67,820 and $69,000 will be important marks to watch if Bitcoin breaks above this. If Bitcoin falls below the support level of $64,750, it could go down even more to $63,300.
The 50-day Exponential Moving Average (EMA) on the four-hour chart adds support around $63,150, making it more likely that prices will rise again. But if more selling pressure and Bitcoin falls below the 50-day exponential moving average (EMA), $61,500 and $61,200 should provide more support.
The Relative Strength Index (RSI) has left the overvalued area and is now around 62, which means the trend is still increasing.
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