On April 5, Bitcoin displayed resilience in the face of United States inflation indicators, buoyed by the anticipation of increased institutional investment.
Despite broader market anxieties, Bitcoin (BTC) found robust support, propelling its value to $68,630 post-Wall Street’s opening bell, as evidenced by data from Cointelegraph Markets Pro and TradingView.
Hovering around $68,000, the cryptocurrency’s uptick seemed to align with announcements that BlackRock, the globe’s premier asset manager, was integrating top U.S. banks into its Bitcoin exchange-traded fund (ETF) initiative, signaling a significant move towards mainstream financial acceptance.
The ETF’s inclusion list, revealed in an online document, boasted industry giants such as Goldman Sachs, Citadel, UBS, and Citigroup.
Eric Balchunas, Bloomberg Intelligence’s senior ETF analyst, commented on the development, stating, “Takeaway: big time firms now want piece of action and/or are now OK being publicly associated w this.”
He attributed the burgeoning interest in Bitcoin to the success and substantial inflows witnessed by the ETFs.
Indeed, the landscape of Bitcoin investment has dramatically evolved, with nine recent products cumulatively managing over 500,000 BTC as of April 4, excluding assets in the newly converted ETF, the Grayscale Bitcoin Trust.
This growing institutional foothold has notably shielded Bitcoin from adverse market reactions to U.S. inflation trends, particularly following unexpectedly robust employment data which hinted at a prolonged period of elevated interest rates by the Federal Reserve.
The CME Group’s FedWatch Tool further underscored this sentiment by dialing back expectations for a rate cut within the year.
Market analysis from Daan Crypto Trades highlighted a significant interaction with sell-side liquidity at market open.
CoinGlass data also pointed to a buildup of sell orders past the $69,000 mark, marking a critical juncture for Bitcoin’s immediate price trajectory.
Jelle, another trader, underscored the cryptocurrency’s ability to establish a higher low on hourly charts, suggesting a potential for continued upward momentum.
“Break $69,000 and all bets are off,” he remarked, reflecting a cautiously optimistic outlook for Bitcoin’s near-term price movement.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
