Bitcoin
Bitcoin Recovers to $64K as Market Cap Hits $2.5 Trillion
The cryptocurrency market has demonstrated remarkable resilience, stabilizing around the $2.5 trillion mark after Bitcoins recent bounce from the crucial $64,000 support level.
With all the frenzy around the world, institutional investors are increasingly turning to digital assets as a hedge, driving demand to new heights. As this trend solidifies, the narrative is shifting in favor of cryptocurrencies as a more robust long-term investment compared to traditional assets.
Good news, right? Is a bull run coming? Here are the answers.
Waiting and watching: when will Bitcoin move?
Bitcoin Price has been stuck in a consolidation mode for the past four months. The major currency has been hovering between $60,000 and $71,000 since March, despite notable money inflows from the U.S. Spot BTC ETFs.
According to veteran trader Peter Brandt, Bitcoin prices have been forming lower highs and lower lows, an established characteristic of a downtrend.
Image source: Brandt
On-chain data from Santiment reveals that non-zero Bitcoin addresses have fallen by over 672,000 in the past month. However, rising demand from institutional investors has countered the short-term decline in Bitcoin addresses.
In the past nine days alone, US spot Bitcoin ETFs have seen over $2 billion in inflows, offsetting the German government’s selloff.
Get ready for Altseason!
As fears of further crypto capitulation subside, Bitcoin addresses have declined as investors have migrated to altcoins. Bitcoin’s recent dominance has suggested an inevitable reversal, supported by the weekly Relative Strength Index’s (RSI) bearish divergence.
Ether ETFs Will Change the Game
In a significant development, the U.S. Securities and Exchange Commission (SEC) has approved two Ether spot ETFs — Grayscale Ethereum Mini Trust and ProShares Ethereum ETF — to begin trading on NYSE Arca next week. The introduction of Ether spot ETFs in the United States should be a major win for the entire altcoin industry.
Additionally, Ethereum acts as a major liquidity provider for the altcoin market.
Read too: ‘Bitcoin Positioning Remains Neutral, No Clear Advantage’: Jason Shapiro
Are you ready to ride the next crypto wave? We definitely are!