Bitcoin Price Eyes New Highs: Rally Fueled by ETF Approvals and Institutional Buys
Bitcoin (BTC) has maintained its upward trend and hit the intraday high above the $71,500 mark.
Bitcoin (BTC) has maintained its upward trend and hit the intraday high above the $71,500 mark. However, this strong bullish rally can be attributed to several key factors, including the growing interest from institutional investors and approval of Bitcoin futures ETFs in the United States.
It should be noted that companies like Grayscale Investments and MicroStrategy have been actively accumulating Bitcoin, signalling their confidence in its long-term value. Additionally, the bearish US dollar was seen as another key factor that lent some support to the BTC.
Another factor contributing to Bitcoin’s upward rally is the upcoming Bitcoin halving. This event, which is set to occur in late April, will reduce the block issuance rewards in half, decreasing the supply of new Bitcoins entering the market.
Furthermore, the ongoing positive sentiment in the cryptocurrency market, fueled by increasing adoption and acceptance of digital assets, has also played a major role in underpinning Bitcoin’s price.
Nilam Resources’ Strategic Bitcoin Acquisition and Its Impact on BTC Value
Nilam Resources, a South American gold mining company, wants to buy all of MindWave, which owns a huge amount of Bitcoins worth a lot of money. This shows that Nilam Resources is getting into cryptocurrency, like other major companies such as MicroStrategy.
However, the CEO, Pranjali More says they are buying Bitcoin to support new ideas and be more eco-friendly and they will use the Bitcoin as security for future projects. This news could make Bitcoin worth more, especially since its market has been strong lately.
If other companies start buying Bitcoin like Nilam Resources, it might make Bitcoin more popular. This could make its value go up even more over time because more people would want it.
Bitcoin’s Price Surge Amidst Major Address Movement and Institutional Interest
Apart from this, a large Bitcoin holder, known as “37X,” recently moved over $6 billion worth of BTC to three new addresses. This transfer of nearly 94,500 Bitcoins, leaving only 1.4 BTC in the original address, is the first major movement since 2019.
This comes at a time when institutions are increasingly interested in Bitcoin due to the upcoming halving event, where block rewards are halved.
Despite the upcoming halving event, which typically reduces the rewards for mining Bitcoin and could potentially affect its price, Bitcoin has still experienced a significant price increase, surpassing $71,000.
This surge is largely attributed to institutional investments in Bitcoin and the growing acceptance of cryptocurrencies by major financial firms such as BlackRock and Fidelity.
Therefore, the movement of a significant amount of Bitcoin by the fifth-largest holder, alongside increased institutional interest and legitimization, suggests a positive outlook for Bitcoin’s price.
Bitcoin Price Prediction
Bitcoin (BTC/USD) has seen a notable uptick to $70,355 on March 27, surpassing key technical levels. Its current standing above the pivot point of $69,263 signals a robust bullish trend, supported by immediate resistance marks at $71,693, $73,854, and $75,826.
Should BTC hold above $69,265, the momentum is expected to continue upward. Conversely, a slide below this threshold could catalyze a sell-off, with support waiting at $67,427, $65,263, and $62,699.
The Relative Strength Index (RSI) at 60, coupled with the 50-day EMA at $67,403, further reinforces the positive outlook for BTC in the near term.
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