Regulation
Bitcoin resists bear market! The cryptocurrency explodes at $69,485!
10:00 ▪ 3 minute read ▪ by Eddy S.
In an ever-evolving crypto ecosystem, Bitcoin has recently shown remarkable resilience to bearish market pressures. According to the latest data, the price of Bitcoin increased by 0.29% in 24 hours! It stands at $69,485.93 with low volatility.
Bitcoin’s tenacity against bearish market pressure!
Despite bear market actions, Bitcoin shows unmatched resilience. BTC surpassed the $69,485 threshold in 24 hours, thus demonstrating its potential for resilience against cryptocurrency market pressures. From now on, Bitcoin seems poised for a significant rally.
Several analysts predict that the first major resistance point could be a move towards $70,000. When Bitcoin first crossed the $70,000 mark, the cryptocurrency hit an all-time high of $73,750.07. Currently, Bitcoin is about 5.8% below this record and many predictions suggest that BTC will surpass this level soon. Once you pass this milestone, there may not be any major impeding resistance a historic surge in prices!
Furthermore, as Ryan Lee, chief analyst at Bitget, points out:
Bitcoin hit a new high of $71,000, mainly thanks to BlackRock’s sizeable holdings, with the market value of its Bitcoin holdings exceeding $20 billion. The growth of BlackRock’s Bitcoin ETF and positive dynamics in the cryptocurrency market have sparked optimism in the market. As regulation becomes clearer and acceptance of Bitcoin increases, Bitcoin could see another significant increase. Going forward, continued institutional buying and increasingly clear and favorable regulatory policies are among the many positive factors that could push BTC to new heights. It is only a matter of time before BTC surpasses the previous high again.
Ryan Lee, chief analyst at Bitget
A resistance supported by ETFs!
Experts attribute BTC’s success to spot Bitcoin ETF products, which acquire more BTC from exchanges than expected, making their metrics stronger than ever. With a streak of 19 consecutive days of net inflows Registered to its current position, supported by supply shortages in the last half, the Bitcoin spot ETF has created a favorable environment for an upcoming price recovery.
In conclusion, Bitcoin demonstrates impressive robustness against market uncertainties. Its ability to maintain an upward trajectory despite bearish pressures strengthens its leading position and suggests a promising future for the leading cryptocurrency.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this wavering universe. The crypto community manager at the base interests me in everything that touches or comes close to the blockchain and its derivatives. With a view to sharing my experience and getting to know a domain that I am passionate about, I find myself writing informative and décontractés a la fois articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.