Bitcoin (BTC) Eyes New Highs Amid Market Optimism
On the four-hour timeframe, Bitcoin buyers maintain control above the Point of Control (POC) level, now shifted to $67,100. Trading above the 20-period moving average (MA) on the 4H chart and breaking through local resistance on the On-Balance Volume (OBV) indicator, BTC signals a bullish impulse toward its historic peak.
The crucial question remains: Will we witness a sell-off similar to the last touch at $69,000? Logic suggests some long positions may close at this mark, potentially leading to a brief pullback. However, if BTC remains above the POC, a correction is expected but likely not deep, with a potential reversal around $64,000 aiming for a new all-time high.
Ethereum (ETH) Breaks Yearly High, Targets Further Gains
In the past 24 hours, Ethereum has risen by 2.35% against Bitcoin, reaching a new yearly high of $3,940 on Binance. A secure foothold above $4,000 sets ETH on a path toward $4,300.
BlackRock’s Bitcoin ETF Nears MicroStrategy in Asset Volume
BlackRock’s Bitcoin-based ETF is closing in on MicroStrategy, the world’s largest corporate holder of Bitcoin, with over 187,000 BTC compared to MicroStrategy’s 193,000 coins. Since trading began, BlackRock’s IBIT has amassed $12.6 billion in assets, with Fidelity’s FBTC at $7.8 billion.
Notably, the total asset value managed by Bitcoin-focused investment funds, including ETFs, has surpassed $67 billion, representing over 5% of all circulating coins. This influx from traditional finance into the crypto market could drive further demand for Bitcoin, potentially leading to market growth and increased stability through institutional participation.
Altcoins Show Vigorous Activity
- AIOZ Network’s (#AIOZ) plans for hardware wallet integration sparked a 42% surge against USDT.
- A strategic partnership between Inspect (#INSP) and bittensor (#TAO) led to a 28% price increase for INSP.
- Matrix AI Network’s (#MAN) project update report fueled a 22% rise in MAN’s value.
U.S. Stock Indices Close Higher, Boosting Technology, Commodities, and Consumer Services
The Dow Jones increased by 0.34%, the S&P 500 by 1.03%, and the NASDAQ Composite by 1.51% at market close.
Cryptocurrency Market Capitalization and Bitcoin’s Position
The overall market cap of digital currencies grew by 2.7% in the last day, with Bitcoin’s dominance dipping by 0.5%. Ethereum’s strength against BTC signals positive momentum for altcoins. As long as Bitcoin sustains above $67,000, the cryptocurrency market capitalization is set to expand.