- Bitcoin appears to have resumed its uptrend after a prolonged stagnation period.
- Now, the only resistance level that separates BTC from new all-time highs is the $62,000 hurdle.
- Breaking through this barrier would likely see prices rise to $70,000.
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Following a month-long consolidation period, the buying pressure behind Bitcoin is finally being reflected on prices. The flagship cryptocurrency has broken through a crucial resistance level, threatening to rise toward $70,000.
Institutional Demand Skyrockets
According to Bloomberg, Tesla’s decision to allocate some of its wealth into BTC served as an “inflection point” that has encouraged many institutions to follow suit. The narrative around cryptos has shifted toward “the risks of missing out on the potential for Bitcoin becoming the global benchmark digital asset.”
Demand for Bitcoin has risen to an all-time high given these chances. From China to the U.S., institutions are rushing to get a piece of the pioneer cryptocurrency.
Over the past week alone, Chinese technology company Meitu scooped up roughly 175 BTC at an aggregate value of approximately $10 million, while business analytics firm MicroStrategy raked in roughly 253 BTC at an average price of $59,339.
Along the same lines, Grayscale bought another $1 billion worth of Bitcoin and other cryptocurrencies, bringing its total assets under management to $46.10 billion.
04/09/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) April 9, 2021
The growth and gradual maturation of Bitcoin’s spot market are generating heightened interest in the derivatives markets.
JP Morgan maintains that the “richness of [Bitcoin] futures” is quite “acute” as the CME BTC contract offers a 25% annualized slide…