May 23, 2024 – Bitcoin (BTC) has been facing a lot of pushback around the $70,000 mark this week. As the week began, the price of the coin went up. It reached a high point of $71,957, a 13% increase over the last week. A lot of money has been pouring into Bitcoin spot ETFs, and people are hopeful that the SEC will approve Ethereum spot ETFs, which has caused this rise.
U.S. Bitcoin spot ETFs have recently done very well, especially BlackRock’s IBIT, which has taken in 94.86% of all new money. Out of the $305.7 million that came in, $280 million came from BlackRock’s IBIT.
The fund now has almost 282,000 BTC, almost as much as Grayscale’s Bitcoin Trust. A lot of money also came into Fidelity’s FBTC, but other Bitcoin ETFs didn’t see any action. BlackRock’s IBIT has 414 institutional investors, which makes it the ETF in this area that is growing the fastest.
Bitcoin ETFs Growing Institutional Interest and Market Confidence
The success of BlackRock’s IBIT and the growing interest among institutions in Bitcoin ETFs show that people are becoming more confident in cryptocurrencies. This could increase demand for Bitcoin and have a good effect on the crypto market as a whole.
Ethereum ETFs are becoming more popular in Hong Kong. After a big day on Tuesday, ChinaAMC’s ETF saw more than 5 million HK dollars in new investors. Other funds, like Harvest Global, Bosera, and HashKey Capital, also did well, with more trades and more than 18% price gains.
In the U.S., everyone is still waiting for the SEC to rule on spot Bitcoin ETFs. As of Tuesday, $306 million had entered these ETFs. Analysts have raised the approval rate for VanEck’s spot Ethereum ETF from 25% to 75%, which is a big jump.
The success of Ethereum ETFs in Hong Kong and the expected SEC decision on Bitcoin ETFs show that investors are becoming more interested, which will likely increase demand and positively affect Bitcoin and the crypto market.
Well-known analyst Kaleo has shared a positive view, indicating that the real bull market for cryptocurrencies has not yet begun. He thinks Bitcoin is in an accumulation phase and could hit $150,000 to $200,000. He also thinks Ethereum could go up to around $12,000. According to Kaleo, a lot of money will cause a frenzy in altcoins and decentralized apps.
Even though Bitcoin is worth about $69,000 and Ethereum is worth $3,737 right now, Kaleo is still bullish, which means there are big chances ahead. This good outlook is likely to attract more investors and bring in more funds, which could cause prices to rise across the crypto market.
Bitcoin (BTC/USD) is selling at $69,563, up 0.65%, which means that the price of Bitcoin is expected to go up. The 4-hour chart shows that $68,944 is a key level. There is immediate opposition at $72,030, $73,734, and $75,480. There is key support at $67,549, $65,949, and $63,901.
Note that the RSI is at 55, which means there is moderate momentum, and the 50 EMA is at $67,532, which supports a small bullish bias. As long as Bitcoin stays above the support level of $68,950, the price will likely increase. The next level of resistance could be around $71,000 or $72,000. Seeing a doji candle followed by a positive candle shows that selling pressure has been exhausted, and there is a chance for the price to go up.
In conclusion, Bitcoin is still rising above $68,950. If it falls below this level, prices could drop sharply.
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