Bitcoin (BTC) has seen a significant rally,
adding 5.3% to reach $71,310. This surge above the critical resistance level at
$68,000-70,000 opens up new potential targets at $78,000-80,000.
BTC is currently trading at $71,310,
surpassing the important resistance zone at $68,000-70,000. Last week, BTC
dipped by 2.2% to $66,699, but large investors bought the dip, increasing their
positions. Institutional inflows have been robust, with IBIT from BlackRock and
FBTC from Fidelity reporting fund inflows of $310.8 million and $204.8 million,
respectively. Grayscale's GBTC saw a minor outflow of $136.2 million, resulting
in an overall positive inflow of $379.4 million.
The recent activity of prominent trader Keith
"Roaring Kitty" Gill has spurred investor interest. His involvement
in GameStop (GME) has also influenced cryptocurrency markets, contributing to
BTC's rise. The launch of a spot BTC-ETF by Monochrome Asset Management in
Australia indicates a favourable regulatory environment. While immediate
inflows might be limited, this move sets a precedent that could lead to broader
acceptance and significant inflows from other developed nations.
Wisconsin's SWIB pension fund has invested
$164 million in BTC ETFs, with analysts suggesting potential for further
allocation. If other U.S. states follow, this could translate to substantial
inflows into the crypto market. Cathie Wood of Ark Investment predicts that if
institutional investors allocate just over 5% of their portfolios to Bitcoin,
the price could surge to $3.8 million per coin by 2030.
Bitcoin's recent price action and the breach
of the $68,000-70,000 resistance zone suggest a strong bullish trend.
Institutional inflows and positive market sentiment further support this
outlook. If BTC maintains its position above this key level, it is likely to
target $78,000-80,000 in the near term.