BTC Testing Highs
Bitcoin prices are on watch today with the futures market soaring by almost 5% from Friday’s close after gapping higher at the weekly open. Price is now just shy of testing the all-time highs around the $123,615 level. Bullish sentiment is surging following Trump last week signing an executive order allowing BTC to be included in 401k retirement portfolios. This opens up a huge new pool of capital for BTC (around $9 trillion) and is widely seen as likely to fuel the next bull run in BTC if we start to see pension funds and retirement portfolio managers adding BTC near-term.
Institutional ETF Demand
Rising institutional demand remains a key driver of the push higher in BTC with ETF fund inflows continuing to hit record levels. Over the last week, a further $0.75 billion in inflows was recorded across BTC ETFs, with BlackRock still leading the pack with its BTC ETF. Notably, however, industry commentators continue to highlight that the Fear & Greed index for BTC is not at overblown level, as we’ve seen during previous BTC highs when price has subsequently reversed lower. Currently around 70/100, the index suggests that BTC still has plenty of room to rally further near-term.
Technical Views
BTC
The market is testing a key resistance zone here with the bull trend line resistance from 2024 highs, the $121,500 level and current ATH all around current levels. If bulls can break above here, the $136,395 Fib extension level will be the next target. If we fail here, however, $108,855 remains key support for bulls to defend to maintain an upside bias near-term.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.