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Bitcoin Bounces to $64K as Market Hits $2.5 Trillion

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6 months ago

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The total cryptocurrency market has stabilized around $2.5 trillion after Bitcoin (BTC) price has bounced off the support level around $64k in the past 24 hours. Demand for digital assets has been growing, fueled by institutional investors seeking to hedge against global economic uncertainties. Furthermore, it is safe to say that digital assets offer better long-term insurance than traditional investment products.

Bitcoin Bulls gradually subside

Bitcoin Price has been stuck in a consolidation mode for the past four months. The top coin has been hovering between $60k and $71k since March, despite significant cash inflows across the U.S. BTC Spot ETFs.

According to veteran trader Peter Brandt, Bitcoin prices have been forming lower highs and lower lows, a well-established characteristic of a downtrend.

Image Source: Brand name

According to on-chain data analysis provided by Santiment, non-zero Bitcoin addresses have decreased by over 672k accounts in the past month. However, growing demand from institutional investors has countered the decline in Bitcoin addresses in the short term.

In the last nine days alone, US spot Bitcoin ETFs have seen more than $2 billion in cash inflows, dwarfing the sell-off by the German government.

Altseason Loading

As fears of further crypto capitulation gradually subside, Bitcoin addresses have fallen as investors are buying more altcoins. Furthermore, Bitcoin’s dominance in the recent past has signaled an inevitable reversal supported by the bearish divergence of the weekly Relative Strength Index (RSI).

The US SEC has already approved two spot Ether ETFs, Grayscale Ethereum Mini Trust and ProShares Ethereum ETF, which will begin trading on NYSE Arca within the next week.

The start of spot Ether ETF trading in the US will trigger a major landslide victory for the entire altcoin industry. In addition, Ethereum is a major liquidity provider for the entire altcoin industry.

Read also: “Bitcoin Positioning Remains Neutral, No Sharp Edge”: Jason Shapiro

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