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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin price is showing strength, reaching $67,600 with a 0.92% increase today. As market sentiment remains bullish, factors like potential regulatory shifts and rising institutional interest continue to support Bitcoin’s climb.
Trump Declares “Crypto is the Future” and Unveils New Cryptocurrency, Sparking Bitcoin Surge
Donald Trump’s bold declaration that “Crypto is the future” and his introduction of a new cryptocurrency had a major impact on Bitcoin’s rise to about $70,000. Prices rose as a result of this news, which raised demand for Bitcoin and the larger cryptocurrency market.
With Trump’s increasing chances of winning the presidency again, investors are expecting more pro-crypto legislation under his prospective administration. Michael Saylor’s $100 trillion cryptocurrency forecast also gave institutional investors hope.
The market is still enthusiastic and expects more growth if the favourable atmosphere persists, which is why Bitcoin prices have surged.
Bitcoin Poised to Hit Record High Before US Election, Says Standard Chartered
According to Standard Chartered, Bitcoin might hit its former peak of $73,800 before the US presidential election. The price spike is being driven by several factors, such as robust inflows into Bitcoin ETFs, a resurgence of interest in call options, and rising prospects for Donald Trump in the election.
Inflows into Bitcoin ETFs have topped $19 billion, indicating a steady increase in institutional demand.
As the election draws closer, analysts predict this momentum will drive Bitcoin higher; $73,800 is the next barrier mark. A Trump victory, which is viewed as positive for the cryptocurrency industry, might further bolster Bitcoin’s growth.
The price of Bitcoin, which is currently at $67,000, is rising as a result of institutional inflows, good sentiment, and greater demand.
Standard Chartered’s forecast contributes to the increasing optimism, and the possibility of record highs is attracting more investors, which will raise the price of bitcoin.
Grayscale Files to Convert Multi-Crypto Funds into ETFs
Grayscale has requested the SEC to turn its $524 million Digital Large Cap Fund into an exchange-traded fund. This fund follows Bitcoin, Ethereum, Solana, XRP, and Avalanche. On October 14, the New York Stock Exchange submitted the request on Grayscale’s behalf to make share purchases and sales easier.
Grayscale’s conversions of its Ethereum and Bitcoin trust into exchange-traded funds were previously permitted by the SEC, indicating a change in regulatory approach.
This action is a component of Grayscale’s larger plan to increase investing opportunities in cryptocurrencies. The company’s list of possible future investments now includes 35 cryptocurrencies.
The development has improved sentiment toward Bitcoin because spot ETFs are predicted to boost demand for the underlying assets. The market is still awaiting additional SEC rulings, though, and Bitcoin prices have stayed comparatively steady at about $67,472.
Bitcoin Nears $68K, RSI Signals Overbought Conditions
Bitcoin continues its upward trend, trading at $67,600 after gaining 0.92% on the day. The asset is maintaining strength within a rising channel, holding above the key pivot point at $66,400. Immediate resistance is at $67,960, with next targets at $69,000 and $70,000. On the downside, support is found at $65,200, followed by $64,400.
Technical Indicators:
- RSI: 75, signaling overbought conditions.
- 50 EMA: Positioned at $64,000, providing dynamic support as Bitcoin trades comfortably above this level.
A break above $67,960 could push Bitcoin toward $69,000, while a breach below $66,400 may signal a pullback towards $65,200. The bullish trend remains intact as long as Bitcoin stays within its ascending channel.
Key Insights:
- Bitcoin nears $68,000, driven by strong bullish sentiment.
- RSI shows overbought conditions, suggesting potential consolidation.
- Key support at $66,400; a break below may signal downside risks.
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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.
