BTC Rallying on Tuesday
Bitcoin prices are trading firmly higher today with the market bolstered by the general lift in risk appetite linked to news of the Israel-Iran ceasefire. Trump announces last night that the US had agreed a full cessation of violence between the two countries, following 12 days of tit-for-tat missile strikes. With the hope that an all-out war in the Middle East can be avoided, risk assets are seeing stronger demand on Tuesday helping drive BTC higher. BTC prices were initially heavily lower yesterday in response to news of the US airstrike on Iran over the weekend which stokes fears of a direct war between the US and Iran. If the ceasefire holds, risk appetite looks likely to improve further, creating deeper support for BTC to push back up to YTD highs and beyond.
Soaring Institutional Demand
Industry data continues to reflect growing institutional demand for BTC via soaring ETF inflows. Ove the last week, BTC ETF’s have recorded a further $1 billion in inflows with BlackRock’s ETF remaining the hottest fund for now. Continued buying from institutional investors, despite the pullback, suggests that BTC remains poised for a breakout in the near-term. As of this month, around 93% of total Bitcoin supply is now mined. This creates a scarcity which, coupled with the continued rise in institutional demand, suggests that an upside break is a question of when, not if.
Technical Views
BTC
The sell off in BTC has found strong support into the latest test of the bull channel lows and the $100k level. With this area holding and momentum studies turning higher again, focus now is on a fresh test of the $108,855 resistance and a return to YTD highs. Above there, the bull channel highs and the $120k mark will be the next bull target to note.
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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.