Altcoins
Bitcoin rebounds to $64,000 as market hits $2.5 trillion
The cryptocurrency market has shown remarkable resilience, stabilizing around the $2.5 trillion mark after Bitcoin recent rebound from the crucial $64,000 support level.
Amid growing global hype, institutional investors are increasingly turning to digital assets as a hedge, driving demand to new heights. As this trend continues to solidify, 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.
Wait and Watch: When Will Bitcoin Move?
Bitcoin Price has been stuck in a consolidation mode for the past four months. The flagship currency has been hovering between $60,000 and $71,000 since March, despite notable liquidity inflows into the United States. BTC Spot ETF.
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 decreased by over 672,000 over the past month. However, growing demand from institutional investors has counteracted the short-term decline in Bitcoin addresses.
In the last nine days alone, US spot Bitcoin ETFs have seen over $2 billion in inflows, offsetting sales by the German government.
Get ready for Altseason!
As fears of another crypto capitulation ease, Bitcoin addresses have been dwindling as investors turn to altcoins. Bitcoin’s recent dominance suggests an inevitable reversal, supported by the bearish divergence in the weekly Relative Strength Index (RSI).
Ether ETFs are going to be a game changer
The U.S. Securities and Exchange Commission (SEC) has approved two spot Ether ETFs, Grayscale Ethereum Mini Trust and ProShares Ethereum ETF, to trade on the NYSE Arca next week. The introduction of spot Ether ETFs in the U.S. is expected to be a major victory for the entire altcoin industry.
Additionally, Ethereum serves as a key liquidity provider for the altcoin market.
Read also : “Bitcoin Positioning Remains Neutral, With No Clear Limit”: Jason Shapiro
Are you ready to ride the next wave of cryptocurrencies? We certainly are!