{"id":519064,"date":"2024-05-09T15:23:00","date_gmt":"2024-05-09T15:23:00","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=519064"},"modified":"2024-05-09T15:23:00","modified_gmt":"2024-05-09T15:23:00","slug":"bitcoin-price-gets-a-boost-from-1-3b-btc-etf-buy-by-quant-trading-firm-as-analysts-say-this-might-be-the-best-crypto-to-buy-now","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-gets-a-boost-from-1-3b-btc-etf-buy-by-quant-trading-firm-as-analysts-say-this-might-be-the-best-crypto-to-buy-now","title":{"rendered":"Bitcoin Price Gets A Boost From $1.3B BTC ETF Buy By Quant Trading Firm As Analysts Say This Might Be The Best Crypto To Buy Now"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bitcoin price plunged 2.1% in the last 24 hours <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\"><span style=\"font-weight: 400;\">to trade at $60,989<\/span><\/a><span style=\"font-weight: 400;\"> as of 7:30 a.m. EST on a 14% drop in trading volume to $20.7 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite experiencing a slight drop, Bitcoin received a massive boost with news Susquehanna International Group has bought into 10 Bitcoin ETFs (exchange-traded funds) in the US.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Quantitative trading firm Susquehanna International Group, with assets of more than $400 billion, disclosed on May 7 that it has combined investments in spot Bitcoin ETFs of more than $1.3 billion, with over $1 billion in Grayscale&rsquo;s GBTC.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Spot <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF Surge: Susquehanna Announces 1.3 Billion Dollars Investment<br> <a href=\"https:\/\/t.co\/cqJQXoY6fm\">https:\/\/t.co\/cqJQXoY6fm<\/a><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&amp;ref_src=twsrc%5Etfw\">#BNB<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/USDT?src=hash&amp;ref_src=twsrc%5Etfw\">#USDT<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETFs?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinETFs<\/a> <a href=\"https:\/\/t.co\/jROOc9525B\">pic.twitter.com\/jROOc9525B<\/a><\/p>\n<p>&mdash; Smith &#128153; Eric (@SmithEric_121) <a href=\"https:\/\/twitter.com\/SmithEric_121\/status\/1788264184632742180?ref_src=twsrc%5Etfw\">May 8, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">This marks the largest single known ownership of Bitcoin ETFs to date, highlighting significant demand for Bitcoin ETFs among institutional investors.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Bitcoin Price Forms A Bullish Pennant: Is Another Bull Rally Near?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">After a moderate dip, Bitcoin is rebounding significantly, suggesting that the last correction might have concluded at the $57,514 support level. Traders should look for a bullish continuation which could drive the price back towards all-time highs in the 74k-80k range.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-519083 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/05\/BTCUSDT.jpg\" alt=\"Bitcoin Price\" width=\"1433\" height=\"612\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/05\/BTCUSDT.jpg 1433w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/05\/BTCUSDT-300x128.jpg 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/05\/BTCUSDT-1024x437.jpg 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/05\/BTCUSDT-768x328.jpg 768w\" sizes=\"(max-width: 1433px) 100vw, 1433px\"><\/p>\n<p><span style=\"font-weight: 400;\">BTCUSDT&nbsp; Analysis. Source: Tradingview.com<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bullish pennant formation suggests that there&rsquo;s potential for a continued upward trend. This pattern indicates that the bullish momentum might persist, possibly leading to price targets surpassing the previous all-time high of $73,737.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price currently trades below the 50-day simple moving average (SMA). However, the 200-day SMA provides immediate support, keeping the general bullish momentum alive. A further push upwards could confirm the expected rally above the 50-day SMA and the upper trendline of the pennant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the Relative Strength Index (RSI) has bounced back from the 30 oversold level to the midline level of 50, indicating intense buying pressure. If the momentum continues to increase, the RSI might enter the overbought zone.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line bolstered confidence in Bitcoin&rsquo;s bullish sentiment.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Bitcoin Price Bulls Gearing Up For A Rally Above The Bullish Pennant<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Bitcoin price might be on the brink of a bull rally as traders capitalize on the presence of the bullish pennant to drive the bullish momentum towards a new high of $81,527.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if the bears continue the downtrend, the price might drop to $59,400 within the pennant. Further downward pressure could lead to a retracement towards the lower trendline at $57,514.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Given the uncertainty over the BTC price direction, some investors might want to consider diversifying their portfolios with <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" rel=\"nofollow\"><span style=\"font-weight: 400;\">99Bitcoins ($99BTC)<\/span><\/a><span style=\"font-weight: 400;\">, a learn-to-earn platform that has soared past $1.1 million in funds raised in its presale.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Introducing $99BTC on BRC-20! &#127891;<\/p>\n<p>Since 2013, <a href=\"https:\/\/twitter.com\/hashtag\/99Bitcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#99Bitcoins<\/a> has been the go-to resource for learning about <a href=\"https:\/\/twitter.com\/hashtag\/Cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#Cryptocurrency<\/a>.<\/p>\n<p>We're launching a platform that enables the building of <a href=\"https:\/\/twitter.com\/hashtag\/dApps?src=hash&amp;ref_src=twsrc%5Etfw\">#dApps<\/a> on top of the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> network!&#128161;<a href=\"https:\/\/twitter.com\/hashtag\/LearnToEarn?src=hash&amp;ref_src=twsrc%5Etfw\">#LearnToEarn<\/a> rewards users on the Bitcoin blockchain.&#128588;<\/p>\n<p>&mdash; 99Bitcoins (@99BitcoinsHQ) <a href=\"https:\/\/twitter.com\/99BitcoinsHQ\/status\/1785308220677853254?ref_src=twsrc%5Etfw\">April 30, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">99Bitcoins Presale Blasts Past $1 Million: Best Crypto To Buy Now?<\/span><\/h2>\n<p><a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" rel=\"nofollow\"><span style=\"font-weight: 400;\">99Bitcoins<\/span><\/a><span style=\"font-weight: 400;\"> is an educational platform with over 2 million registered users for its courses, and more than 700k subscribers on its YouTube channel.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> whales bought 47,000 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> worth $2.7Bn while prices tanked below $57,000 last week. &#128051;<\/p>\n<p>Find out why these whales are buying! <br>&#128073; <a href=\"https:\/\/t.co\/UXakDu2t7o\">https:\/\/t.co\/UXakDu2t7o<\/a><a href=\"https:\/\/twitter.com\/hashtag\/99Bitcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#99Bitcoins<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BullMarket?src=hash&amp;ref_src=twsrc%5Etfw\">#BullMarket<\/a><\/p>\n<p>&mdash; 99Bitcoins (@99BitcoinsHQ) <a href=\"https:\/\/twitter.com\/99BitcoinsHQ\/status\/1788508209277194260?ref_src=twsrc%5Etfw\">May 9, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">More Rewards Through Staking And Gaming Options<\/span><\/h2>\n<p>Now&nbsp;<a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" rel=\"nofollow\"><span style=\"font-weight: 400;\">99Bitcoins<\/span><\/a><span style=\"font-weight: 400;\"> is gamifying crypto education. This means that users who successfully tackle challenges and complete lessons will earn higher rankings and rewards through $99BTC tokens.<\/span><\/p>\n<p>Holders of 99BTC can also stake their tokens f<span style=\"font-weight: 400;\">or a 1,507% annual percentage yield (APY). <\/span><span style=\"background-color: var(--bs-body-bg); color: var(--bs-body-color); font-family: var(--bs-body-font-family); font-size: var(--bs-body-font-size); text-align: var(--bs-body-text-align);\">About 14% of the 99 billion token supply has been allocated for staking rewards.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jacob Bury, a prominent crypto YouTuber, believes that 99BTC has the potential to turn $1K into $10K after launch.<\/span><\/p>\n<p><iframe title=\"New 10x Potential Crypto Presale 99Bitcoins - Flip $1k into $10k?!\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/G2trqq3KNYE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">You can buy 99BTC tokens for $0.00104 each. With a price hike coming in less than five days, buy them soon to lock in the best deal if you are interested.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To join the presale, buy $99BTC from<\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" rel=\"nofollow\"><span style=\"font-weight: 400;\"> the official website here using ETH, USDT, or a bank card.<\/span><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Related Articles<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/is-it-too-late-to-buy-floki-floki-price-surges-14-in-a-week-as-this-dragon-themed-rival-hints-at-a-new-exchange-listing\"><span style=\"font-weight: 400;\">Is It Too Late To Buy FLOKI? Floki Price Surges 14% In A Week As This Dragon-Themed Rival Hints At A New Exchange Listing<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/pulse\/best-meme-coins-invest-top-picks-exponential-gains-calsona-iorle\"><span style=\"font-weight: 400;\">Best Meme Coins to Invest in: Top Picks for Exponential Gains!<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/thorchain-price-prediction-rune-surges-10-as-analysts-say-this-world-first-ar-vr-crypto-might-10x\"><span style=\"font-weight: 400;\">THORChain Price Prediction: RUNE Surges 10% As Analysts Say This World-First AR\/VR Crypto Might 10X<\/span><\/a><\/li>\n<\/ul>\n\n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The Bitcoin price plunged 2.1% in the last 24 hours to trade at $60,989 as of 7:30 a.m. EST on a 14% drop in trading <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-gets-a-boost-from-1-3b-btc-etf-buy-by-quant-trading-firm-as-analysts-say-this-might-be-the-best-crypto-to-buy-now\" title=\"Bitcoin Price Gets A Boost From $1.3B BTC ETF Buy By Quant Trading Firm As Analysts Say This Might Be The Best Crypto To Buy Now\">[&#8230;]<\/a><\/div>","protected":false},"author":1965,"featured_media":469722,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-519064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Gets A Boost From $1.3B BTC ETF Buy By Quant Trading Firm As Analysts Say This Might Be The Best Crypto To Buy Now - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The Bitcoin price plunged 2.1% in the last 24 hours to trade at $60,989 as of 7:30 a.m. EST on a 14% drop in trading volume to $20.7 billion. 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