New Bitcoin addresses have been shrinking in the recent past, an indication more users are opting to tap on spot BTC ETFs for easier liquidity and enhanced security.
Bitcoin (BTC) price continued with the recent bullish outlook on Friday during the early London session. The flagship coin traded around $66,410 at the time of this writing, thus suggesting the bulls are ready to pump to a new all-time high soon. Moreover, Bitcoin price has consistently closed above the 50 daily Moving Average in the past three days, after being trapped in a crypto correction mode for the past two months.
Bitcoin Whales Anticipate New High Soon
According to on-chain data from market intelligence platform Santiment, there are currently 15,907 Bitcoin wallets holding at least 100 coins. Remarkably, Bitcoin whales hold a whopping 11.79 million coins, amid declining balances on centralized exchanges.
As Coinspeaker explained, the trading volume of US-based spot Bitcoin ETFs has surged in the recent past with notable cash inflows. Furthermore, Grayscale’s GBTC has significantly reduced its daily Bitcoin sell-offs. According to first-quarter earnings reports, 937 financial institutions purchased Bitcoins through the recently approved spot BTC ETFs.
On Thursday, the United States Senate unanimously approved the CRA that overturned SAB 121, which mandated banks from holding clients’ crypto assets. Interestingly both sides of the political spectrum came together on the issue, thus indicating heightened interest and demand for digital assets in the United States.
“The Senate passing a CRA overturning SAB 121 is a win for financial innovation and a clear rebuke of the way the Biden admin and Gary Gensler have persecuted crypto. It also marks the 1st time Congress has passed standalone crypto legislation. We are just getting started,” US Senator from Wyoming, Cynthia Lummis, noted.
According to US House majority whip, Tom Emmer, President Joe Biden is under immense spotlight if he will approve or veto the CRA ahead of the upcoming elections. The US Congress has shown its disapproval of Gary Gensler’s decision to crack down on crypto projects, while other countries are adopting the web3 industry.
I am VERY proud to be one of the first to call out the @SECGov’s gross overreach. I sued the SEC on behalf of individual users and investors on January 1, 2021. Today, the Senate reached a bipartisan supermajority with 60 yes votes on SAB 121 – a resounding rebuke of the SEC’s… https://t.co/thENYFb1IN
— John E Deaton (@JohnEDeaton1) May 16, 2024
Midterm BTC Price Targets
Bitcoin price is well bolstered from a technical and fundamental point of view to rally further in the coming months. Less than a month since the fourth Bitcoin halving event and the underlying value has been retesting 2021’s all-time high, thus suggesting a super cycle at hand.
$BTC So far, so good..!!
Bitcoin is still moving within the Bullish Flag pattern.
To confirm the Breakout, #Bitcoin bulls need to clear the $68k resistance level.
Once the Breakout is confirmed, we can expect a new ATH in June. https://t.co/0fXM790tdR pic.twitter.com/bXC3PZjzba
— Captain Faibik (@CryptoFaibik) May 17, 2024
According to a popular crypto analyst alias Captain Faibik, Bitcoin price has been forming a bullish pennant flag pattern. As a result, the crypto analyst believes Bitcoin price will reach $86K soon, which also coincides with the 2.618 daily Fibonacci Extension.
However, the crypto analyst highlighted that Bitcoin price must consistently close above $68K in the coming weeks to validate the bullish uptrend.
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