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The ongoing cryptocurrency bull market has significantly been attributed to different aspects including global Bitcoin adoption by institutional investors.
Bitcoin (BTC) price rallied to a new ATH of $64,000 on Wednesday after a strong breakout on Tuesday. The mother coin is now in a price discovery zone where the next resistance level will be determined by the ‘fuel’ accumulated in the past few weeks.
Bitcoin pump had slowed down at the time of reporting, whereby the asset was trading around
After consolidating for the past two months, Bitcoin has regained its volatility, and an astronomical rally to the psychological level of $100k may be imminent in the near future.
Bitcoin Price from Different Perspectives
Different market analysts have outlined different opinions on the next performance for the largest digital asset by market capitalization. “This rally is likely to meet the next resistance level at $65,000,” said Jon Pearlstone, publisher of the newsletter CryptoPatterns. Pearlstone further indicated that “Bitcoin made new highs today with strong volume. Above that, there is pattern resistance in the $77,000 range, with little to stop bitcoin above that price until the psychologically key level of $100,000.”
On the other hand, according to Jason Lau, COO OKCoin cryptocurrency exchange, Bitcoin price has established a strong support level after breaking out of $61k. Most recently, we saw support at $50-$51k and $55-$56k, and if prices stay above $61k, I expect this area to become a new level of support. We’re in price discovery mode at the moment, but I see the next target of resistance being $70k,” said Lau.
Notably, the breakout in Bitcoin price also carried with it almost the entire altcoin market led by Dogecoin that is trading around $0.13. Besides, the breakout also coincided with the long-awaited Coinbase (COIN) listing that has also been listed on the newly launched Binance tokenized stock market.
The Bitcoin price has made headlines all over the world despite some economies like India devising plans to ban cryptocurrency trading. As the cryptocurrency market cap rallies beyond $2 trillion, more institutional investors are expected to flock into the market in the coming months.
Around 9 Bitcoin ETFs are currently being reviewed by the United States Securities and Exchange Commission (SEC) with pressure to approve mounting up. Moreover, the Canadian recently approved Bitcoin ETF has been received warmly and has skyrocketed within the first few weeks of trading.
Notably, the ongoing cryptocurrency bull market has significantly been attributed to different aspects including global adoption by institutional investors, particularly in the DeFi ecosystem. Further, Bitcoin has proved to be a better store of value than the traditional stock market and also the precious metal industry.