Bitcoin Price Prediction
Bitcoin (BTC) is currently navigating resistance around $70,000. Starting the week bullish, BTC peaked at $71,957, gaining 13% over the past seven days. The rise was driven by inflows into Bitcoin spot ETFs and optimism for Ethereum spot ETF approval by the SEC.
BlackRock’s IBIT Leads Bitcoin ETF Inflows and Institutional Demand
U.S. bitcoin spot ETFs have seen remarkable success, particularly BlackRock’s IBIT, which captured 94.86% of recent inflows, totalling $280 million out of $305.7 million. This fund now holds nearly 282,000 BTC, closely rivalling Grayscale’s Bitcoin Trust.
The Spot #Bitcoin ETF had a net inflow of $305.7 million yesterday! pic.twitter.com/sOLSEfXjPY
— Josh (@CryptoWorldJosh) May 22, 2024
Fidelity’s FBTC also saw significant inflows.
Other bitcoin ETFs experienced no activity.
BlackRock’s IBIT is attracting 414 institutional investors, making it the fastest-growing ETF.
The success of BlackRock’s IBIT and the rising institutional interest in bitcoin ETFs indicate growing confidence in cryptocurrency, likely boosting BTC demand and positively impacting the broader crypto market.
Ethereum and Bitcoin ETFs Fuel Crypto Market Growth
In Hong Kong, Ethereum ETFs are gaining traction, with ChinaAMC’s ETF surpassing 5 million HK dollars in inflows after a surge on Tuesday. Harvest Global, Bosera, and HashKey Capital also saw success, with higher trading volumes and price increases of over 18%.
Hong Kong Ether ETFs Hit Record Daily Inflow
ChinaAMC’s spot Ether ETFs in Hong Kong saw inflows exceed HK$5 million by midday Wednesday amid speculation about U.S. approval of similar products. ChinaAMC, a… https://t.co/3E3JdjUwMQ #Chinaamc #Cryptocurrency #EthereumETFs
— CoinXposure (@CoinXposure) May 22, 2024
US Market: Attention is on the SEC’s decision regarding spot Bitcoin ETFs.
Net inflows for these ETFs reached $306 million as of Tuesday.
Analysts have raised approval rates for VanEck’s spot Ethereum ETF from 25% to 75%.
The success of Ethereum ETFs in Hong Kong and the anticipated SEC decision on Bitcoin ETFs highlight growing investor interest, likely boosting demand and positively impacting BTC and the crypto market.
Kaleo’s Bullish Predictions for Bitcoin and Crypto Market
Analyst Kaleo predicts the true bull cycle for cryptocurrencies is yet to begin, with Bitcoin currently in an accumulation phase. He forecasts Bitcoin could reach $150,000 to $200,000, and Ethereum might surge to around $12,000.
Significant capital inflows are expected to ignite a frenzy in altcoins and decentralized applications.
Despite Bitcoin’s drop to around $69,000 and Ethereum at $3,737, Kaleo remains optimistic, suggesting substantial opportunities ahead.
This bullish outlook is likely to drive increased investor interest and capital inflows, potentially boosting prices across the crypto market.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is trading at $69,563, up 0.65%, signalling a bullish Bitcoin price prediction. The 4-hour chart shows a pivot point at $68,944. Immediate resistance levels are at $72,030, $73,734, and $75,480. Key support levels are at $67,549, $65,949, and $63,901.
The RSI is at 55, indicating moderate momentum. The 50 EMA is at $67,532, supporting a slight bullish bias. Bitcoin’s trading above the $68,950 support level suggests a bullish outlook, with potential resistance around $71,000 and $72,000.
Bitcoin Price Prediction
The formation of a doji candle followed by a bullish candle indicates exhaustion in selling pressure and the potential for upward movement.
Conclusion: Bullish above $68,950. A break below this level could trigger a sharp selling trend.
Invest in the Future of Gaming with 5thScape’s Cutting-Edge VR Platform
5thScape is leading the virtual reality (VR) revolution, seamlessly blending digital and physical worlds. This innovative platform offers immersive gaming experiences using the latest VR technology and the creativity of its community.
By holding 5SCAPE tokens, users gain exclusive access to premium VR content, enhancing their gaming adventures and engaging with a burgeoning digital economy.
Innovative Cryptocurrency Use in VR: 5thScape uses 5SCAPE Coin for secure, transparent transactions within its VR ecosystem, redefining user interaction and investment in virtual worlds.
Expanding Gaming Horizons: 5thScape provides a diverse range of 3D VR games, from adventure to mystery, alongside state-of-the-art VR headsets and ergonomic gaming chairs, promising an unrivaled gaming experience.
Empowering the Gaming Community: 5thScape is more than just a platform; it’s a movement towards fostering a vibrant, inclusive community where gamers can explore, interact, and grow together in immersive virtual landscapes.
We’ve reached $6.0M , VR is a Revolution and We $5Scape as a Community are the Trendsetters
Thanks to YOU, our awesome community!
Get ready for next-level gaming adventures and VR Innovations as we embark on this exciting journey together! Let’s make magic happen… pic.twitter.com/RvUmUyU8ws
— 5th Scape (@5th_scape) May 21, 2024
The presale has raised $6,086,033, nearing its target of $6,250,000. With the listing price set at $0.00327, reflecting a substantial increase from the presale price of $0.00248, the potential for growth and returns is significant.
Whether you’re a seasoned gamer or new to VR, 5thScape has something for everyone. Don’t miss the chance to be part of the next big leap in gaming technology.
The post Bitcoin Price Prediction 23 May: BTC Struggles at the $70,000 Resistance – What’s the Next Level to Watch? appeared first on Cryptonews.