After a major rally in cryptocurrencies over the past 24 hours, Bitcoin price closed above the crucial support/resistance level of around $66 ,000 for the first time since late July.The price of Bitcoin has climbed more than % in the last 24 hours to trade around $65 980 on Tuesday, October 15, during the first Asian session.As a result, the total market capitalization of cryptocurrencies has incr
Institutional investors Are the Major Forces Behind Bitcoin's Rebound
Against the backdrop of the recent rally in major stock markets, led by the S&P 500, confidence in Bitcoin as a asset class has increased significantly, especially among institutional investors. According to BlackRock CEO Larry Fink, Bitcoin is active in its category and its adoption curve will not be affected by the candidate for the. Fink estimates that Bitcoin's market capitalization could be as high as the real estate market, which is currently over $50 trillion. As a result, institutional investors – led by Japan's Metaplanet Inc.and MicroStrategy Inc.- have redoubled their efforts in their strategy of adopting the to protect themselves against the devaluation of the currency.Earlier today , Metaplanet announced that it had an additional 106,977 Bitcoins, worth 1 billion yen, or about $6.69 million.As a result, Metaplanet now holds 855.478 Bitcoins, which has significantly improved its stock market performance in recent years.Meanwhile, the US spot BTC ETFs registered a net cash inflow of more than half a billion on Monday after recording an impressive inflow on Friday last week. Fidelity’s FBTC and Bitwise BITB registered a net cash inflow of over $239 million and $100 million respectively.
What Next for Bitcoin Price?
According to Peter Brandt, a popular and experienced trader, Bitcoin needs to clear the hurdles around the July peak, above $68,224, to secure a bullish move towards a new all-time high in the near term.The upcoming weekly closes will be crucial for the evolution of Bitcoin in the medium to long term.Additionally, a retracement below 63,000 in the near term would invalidate the current bullish sentiment and set a precedent for a bearish outlook in the medium term.