Bitcoin (BTC) has been holding steady near the $67,000 level, supported by the bullish outlook of billionaire investor Paul Tudor Jones II, who recently expressed his belief in Bitcoin as a hedge against inflation, which has caught the attention of many institutional investors. This support could lead to increased interest from major players in the market and a rise in the price of Bitcoin as a result.
The global crypto market cap is $2.31 trillion, with Bitcoin showing significant volatility as it continues to test the $67,000 support level, moving between upside and downside. A break of the upper trend line could signal renewed bullish momentum and increase market activity, but low trading volumes limit expectations of a major rebound in the near term.
The cryptocurrency market is also showing remarkable resilience despite the uncertainty, with Bitcoin and Ethereum-ETH exchange-traded funds (ETFs) seeing $2.2 billion in inflows, underscoring the strong institutional interest and growing confidence among investors, and suggesting that a potential bull run for Bitcoin and other major cryptocurrencies is imminent.
Paul Tudor Jones II Backs Gold and Bitcoin as Inflation Hedges
Billionaire hedge fund manager Paul Tudor Jones II is heavily invested in gold and Bitcoin because he believes inflation will persist no matter who wins the US presidential election. In an interview on CNBC’s Squawk Box, he said his investments are speculating on rising prices. “I think all roads lead to inflation,” he said. He also expressed his optimism about Bitcoin and gold, noting the limited investment in such commodities by many, and praised Bitcoin’s performance during difficult economic times.
Jones also expressed concern about the U.S. debt, which he believes the government will try to pay off by increasing inflation as many other countries have done in the past. The U.S. economy is running a deficit that could reach $2.8 trillion by 2034, which will exacerbate inflation and raise interest rates. Jones is therefore staying away from fixed-income investments, he says: “I will not own any fixed-income assets,” and plans to bet against long-term bonds because he sees them as overpriced.
Jones's strong support for Bitcoin, combined with his concerns about inflation and the US debt, has boosted investor confidence in Bitcoin and increased demand for it, and this optimism could lead to an upward movement in the price of #BTC☀ as investors look for a way to hedge against inflation.
Central Banks' Fears of Bitcoin: A Threat to Monetary Control and Economic Stability
Central banks are increasingly concerned about Bitcoin as a threat to their financial and economic control. Officials at the European Central Bank (ECB) and the US Federal Reserve have expressed concerns about Bitcoin because of its complexity in managing things like interest rates. Minneapolis Federal Reserve President Neel Kashkari has called Bitcoin “a piece of useless paper” and claimed it “impoverishes” the financial system. These statements underscore their deep frustration with Bitcoin’s success.
Central banks have increased their money supply, causing inflation to rise and the economic gap to widen. This means that banks and wealthy individuals benefit the most while ordinary people suffer, stuck in a situation known as the “Cantillon Effect.” Bitcoin offers a different option here because of its decentralization and fixed supply, which limits its impact on inflation. It continues to gain acceptance in the financial world and is now a permanent part of it, despite criticism from central banks who have begun to fear that their power and profits from managing money will be stolen and the burden of inflation will be placed on ordinary people.
Bitcoin Price Breaks $67,250 EMA, Seeks to Reach $68,500
Bitcoin is gathering more momentum and reached $67,160 after bouncing off the important support level at $65,230. This bullish momentum allowed it to surpass the 50-day EMA, which formed an important resistance at $67,250. This move suggests that the uptrend could continue towards the nearest resistance level at $67,900, which if surpassed could lead to a further move towards $68,580 and $69,540.
On the other hand, the closest support levels are located at $65,230 and $63,760, while the Relative Strength Index (RSI) stands at 52, indicating neutrality that leaves room for more buying if the momentum intensifies.
A break above the EMA at $67,250 could boost the bullish momentum and we could see a more sustained upside move above $67,900, but traders should watch the support level at $65,230 which could be tested in case the market goes into a bearish trend.
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