👉👉👉 #Bitcoin price approaches $70K as $BTC holders demonstrate steadfast optimism
Bitcoin's price has surged above $67,000, signaling its intent to surpass the recent peak above $69,000. The CEO of Bitget Exchange attributes this momentum to the steadfast optimism and unwavering confidence among BTC holders, who remain bullish despite recent market corrections.
Gracy Chen, Managing Director of Bitget Exchange, highlights the resilience of Bitcoin investors, noting that rapid pullbacks are common during sharp uptrends and often signify market deleveraging. This sentiment is echoed by a report from Deutsche Bank, which outlines five reasons for Bitcoin's record-high prices, including the influence of exchange-traded funds (ETFs), the upcoming halving event, regulatory developments, and macroeconomic factors like interest rates.
The influx of funds into #BitcoinETFs , exemplified by BlackRock's IBIT ETF attracting a record-breaking $788 million on March 5, continues to drive market sentiment. This trend is expected to persist as ETF investors demonstrate their commitment to holding Bitcoin positions.
As Bitcoin aims to reclaim the $69,000 threshold, technical indicators suggest a bullish outlook, with rising buying momentum reflected in the Relative Strength Index (RSI) and increasing volume. On-chain metrics further support this optimism, with strong support levels identified between $47,907 and $63,846, as well as between $64,784 and $65,997. The majority of Bitcoin holders are currently sitting on unrealized profits, indicating minimal selling pressure amidst anticipation of the upcoming halving event.
However, a potential downside scenario could see Bitcoin retracing to $65,000 or even the psychological level of $60,000, representing a significant correction from current levels. Nonetheless, the prevailing sentiment remains bullish, driven by investor confidence and institutional interest in Bitcoin as a long-term investment asset.
Source - fxstreet.com
