Bitcoin Surges Past $64,000, Eyes $70,000 on Bullish Technicals and Institutional Inflows

Bitcoin (BTC) is back in bullish territory, surging over 4.3% in the last 24 hours and surpassing the $64,000 mark. This upward trend follows a period of correction, reigniting investor optimism and potentially signaling the end of the recent downtrend.

Analyst Points to Bullish Breakout Pattern

Crypto analyst Crypto Jebb identified an inverse head-and-shoulders pattern in Bitcoin’s price chart. This pattern, typically associated with bullish breakouts, suggests a potential price target of around $70,000. If the pattern plays out, Bitcoin could climb past its current all-time high and potentially trigger a broader market rally towards the ambitious $100,000 target.

Resistance Levels and Post-Breakout Scenarios

While reaching new highs is promising, resistance levels around $66,000 could challenge the price climb. If the inverse head-and-shoulders pattern fulfills, Bitcoin could retest the previous high of $69,000 or rally towards the current peak of $73,800. A complete breakout might even lead to a surge beyond $75,000.

On-Chain Data Suggests Miner Capitulation Might Be Bullish

Data from Capriole Investments founder Charles Edwards reveals the Bitcoin “Miner Price” falling below the BTC Electrical Cost for the fifth time in history. Edwards points out that previous instances of this phenomenon have coincided with bullish momentum for Bitcoin’s price.

Institutional Investors Pile into Bitcoin ETFs

Investment giant Morgan Stanley recently disclosed holdings in two prominent Bitcoin ETFs: Grayscale Bitcoin Trust (GBTC) and Ark Invest’s ETF. This significant investment positions them as a major player in the Bitcoin ETF market.

Other institutional investors like Millennium Management ($2 billion invested across multiple Bitcoin ETFs) and the Wisconsin Investment Board (holdings in BlackRock’s ETF) are also contributing to the surge in Bitcoin ETF popularity.

Recent data shows a surge in inflows to spot Bitcoin ETFs, with Grayscale’s GBTC experiencing a single-day inflow of $27 million. This increased institutional participation highlights growing acceptance of Bitcoin within traditional finance.

Bitcoin Supply on Exchanges Drops

On-chain data from Glassnode indicates a significant decrease in Bitcoin supply on centralized exchanges, suggesting investors are moving their holdings to cold storage, potentially reflecting long-term bullish sentiment.

Binance and Coinbase Pro witnessed substantial Bitcoin outflows in the past 24 hours, further contributing to the decline in exchange supply.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Daily Crypto Signals: Bitcoin Holds Above $103K, XRP Targets Key Breakout Levels

24 minutes ago

Save

Forex Signals Brief May 15: Global Growth in Focus - UK GDP and US Retail Sales

17 hours ago

Save

Solana Faces Short-Term Dip Below $175 Despite Bullish Technical Signals and Institutional Interest

19 hours ago

Save

Comments

Leave a Reply Cancel reply

You must be logged in to post a comment.