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The Bitcoin price pumped 2% in the past 24 hours to trade for $61,905 as of 03:54 a.m. EST on trading volume that surged 57%.
It comes amid recent developments that point to growing institutional interest in the BTC market by way of spot exchange-traded funds (ETFs). Among them:
- Switzerland’s largest bank, UBS, owns 3,600 shares in the BlackRock ETF, according to filings with the Securities and Exchange Commission.
- Boston-based Bracebridge Capital has reported owning $433 million worth of Bitcoin through ETFs.
- Bank of Montreal disclosed spot BTC ETF holdings in a new filing.
With institutional players building positions in BTC through ETFs, is a new phase of adoption starting with governments, too, joining in? There are certainly some early signs of such a development with Donald Trump warming up to crypto as he battles for another term as president.
These revelations come as the market volatility continues to decrease, leading to a shift in net inflows towards US ETFs. This appears to be boosting expectations for a market rebound.
Neutral #crypto funding rates since April signal a healthier market. pic.twitter.com/xSH8HRgBQq
— Kyledoops (@kyledoops) May 13, 2024
Bitcoin Price Prediction
The four-hour chart for the BTC/USDT trading pair shows that the Bitcoin price has broken above a descending trendline. This is after a steady streak of lower highs. The pioneer cryptocurrency is attempting higher highs as it treads along an ascending trendline.
However, the upside potential may be capped for now, with the dome-shaped Relative Strength Index (RSI) showing momentum is falling. A lower high on the RSI, coupled with a slip of the Bitcoin price below the $60,630 support level would signify a change in market structure.
For the bullish thesis to be invalidated, however, the Bitcoin price must extend the fall to record a lower low below $56,552. The market appears to be favoring the downside, seen with the RSI below the mean level of 50. The position of the Awesome Oscillator (AO) in negative territory accentuates this outlook.
However, a show of strength among BTC bulls could see the Bitcoin price recover. A breach of the $63,354 roadblock would entice more bulls, with the ensuing buying pressure sending the pioneer cryptocurrency to the $65,500 threshold.
This would also signify another change in market structure in favor of the upside, @DaanCrypto says, adding that it could lead to a move towards the range highs again.
#Bitcoin Higher low potentially made on the LTF.
The sign of strength I want to see is a break above the previous lower high at $65.5K (White dotted line).
That would make for a change in market structure and likely lead to a move towards the range highs again. https://t.co/5JGkGxbuaD pic.twitter.com/BpfwF3NZ4W
— Daan Crypto Trades (@DaanCrypto) May 13, 2024
In a highly bullish case, the Bitcoin price could extend a neck higher to the $70,000 psychological level.. This would provide a good jumping-off point for BTC to retake the $72,797 range high, or in a higher bullish case, the all-time high of $73,777.
On-Chain Metrics To Support Bearish Outlook For Bitcoin Price
According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) metric, the Bitcoin price faces strong resistance. The more immediate roadblock ranges between $61,915 and $63,728 where 1.84 million addresses hold approximately 722.52K BTC. These were purchased at an average price of $62,603.
Meanwhile, as the Bitcoin price continues to struggle, some investors are pivoting into the 99BTC presale, which has raised upwards of $1.25 million.
Promising Alternative To Bitcoin
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👉 https://t.co/NXD7DAamqr#99Bitcoins #Bitcoin #CryptoNews pic.twitter.com/M5p0dtDc9f— 99Bitcoins (@99BitcoinsHQ) April 28, 2024
Investors can stake their 99BTC tokens for an annual return of 1,373%. So far, upwards of 793 million 99BTC tokens have been staked.
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👉 https://t.co/NXD7DAamqr#AltSeason #CryptoCurrency #BTC pic.twitter.com/51pCWPJjEP— 99Bitcoins (@99BitcoinsHQ) April 29, 2024
Each 99BTC token is currently selling for $0.00105. The price will increase in less than seven days, so buy now if you are interested.
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Also Read:
- 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
- 99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
- 99Bitcoins Token Unveils Learn 2 Earn Crypto ICO, Next BRC-20 Project To Explode?
- Top Gaming Coins to Buy Before the Upcoming Bull Run – 99Bitcoins Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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