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Bitcoin Bounces to $64K as Market Hits $2.5 Trillion
The cryptocurrency market has shown remarkable resilience, stabilizing around the $2.5 trillion mark following Bitcoin recent bounce from the crucial $64,000 support level.
With all this excitement 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 than 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 top coin has been hovering between $60k and $71k since March, despite significant cash inflows across the U.S. BTC Spot ETFs.
According to veteran trader Peter Brandt, Bitcoin prices have been forming lower highs and lower lows, a well-established characteristic of a downtrend.
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On-chain data from Santiment reveals that non-zero Bitcoin addresses have fallen by more than 672,000 over the past month. However, growing demand from institutional investors has countered the short-term decline in Bitcoin addresses.
In the last nine days alone, U.S. spot Bitcoin ETFs have seen more than $2 billion in cash inflows, offsetting the German government’s sell-off.
Get ready for Altseason!
As fears of further crypto capitulation recede, Bitcoin addresses have fallen as investors move into altcoins. Bitcoin’s recent dominance has hinted at an inevitable reversal, supported by the bearish divergence of the weekly Relative Strength Index (RSI).
Ether ETFs Will Change the Rules of 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 U.S. should be a major win for the altcoin industry as a whole.
Additionally, Ethereum is a key liquidity provider for the altcoin market.
Read also: “Bitcoin Positioning Remains Neutral, No Sharp Edge”: Jason Shapiro
Are you ready to ride the next crypto wave? We are!