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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) continued its upward momentum, surpassing $67,000 in the early Asian trading session. The global cryptocurrency market cap also climbed, reaching $2.28 trillion with a 24-hour increase of over 2%.
Several factors contributed to this surge, including rising institutional interest in Bitcoin mining stocks, driven by new energy mandates for data centers, and the demand for dedicated power generation. This growing interest in BTC mining activity could further fuel price increases.
Additionally, a Trump-backed DeFi project garnered attention with 100,000 sign-ups, while Vice President Kamala Harris’s commitment to a crypto legal framework has strengthened investor confidence, supporting Bitcoin’s bullish outlook.
Institutional Interest in Bitcoin Mining Grows Amid Energy Mandates
Rising institutional interest in Bitcoin mining is being fueled by new energy mandates for data centers. Morgan Stanley has recommended that Chief Investment Officers (CIOs) explore Bitcoin mining stocks, citing the increased demand for self-sustaining energy infrastructures.
With data centers now required to generate their own power, investments in natural gas and nuclear power are expanding. This shift is expected to benefit Bitcoin mining operations, which rely on substantial energy consumption to maintain blockchain networks.
Additionally, the report emphasizes the link between AI infrastructure and Bitcoin mining, both dependent on large-scale power. As energy policies evolve, institutional interest in mining is projected to grow, potentially pushing Bitcoin prices higher.
Bitcoin Surges as U.S. Candidates Show Support for Crypto
On the other hand, Donald Trump’s full support for Bitcoin has boosted market optimism. Trump aims to reduce regulations and create a supportive infrastructure for cryptocurrency, allowing Bitcoin to play a larger role in the U.S. economy. His commitment to fostering Bitcoin adoption could drive higher price predictions, particularly if he follows through on his promises to position the U.S. as a leader in the global crypto market.
As the U.S. presidential election approaches, Bitcoin has captured the attention of traders and analysts alike. Both leading candidates, Kamala Harris and Donald Trump, have expressed support for Bitcoin, creating a unique moment in U.S. politics.
This alignment could enhance investor confidence and encourage broader acceptance of cryptocurrencies, especially with Harris focusing on regulatory frameworks that promote financial inclusion for marginalized communities.
Bitcoin Price Climbs Over $67000 as Bullish Momentum Grows
Bitcoin (BTC) is continuing its upward trajectory, trading within a strong ascending channel, currently around $67,330. The bullish trend remains intact, bolstered by a bullish engulfing candle that signals further upward momentum.
Immediate resistance lies at $67,950, with the next resistance levels at $69,000 and $70,000. The pivot point, around $66,400, is providing solid support for now.
On the downside, if BTC retraces, immediate support is at $66,400, followed by $65,220 and $64,420.
The RSI at 74.87 suggests Bitcoin is approaching overbought territory, which could lead to some profit-taking.
However, the 50-day EMA at $63,740 continues to support the bullish outlook, offering dynamic support should any pullback occur.
Key Insights:
- Immediate Resistance: $67,950
- Support Levels: $66,400, $65,220
- RSI: 74.87, indicating overbought conditions
Overall, an upward channel is reinforcing Bitcoin’s bullish momentum. A breakout above $67,950 could drive BTC toward $69,000 in the near term, but traders should be cautious of a potential pullback as the RSI nears overbought levels.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
