Bitcoin gained strong bullish momentum as the weekly inflows into the US-based spot BTC exchange-traded funds reached their two-month highs.
Despite Bitcoin’s ongoing slump, analysts remain optimistic in the long-term, predicting a prolonged consolidation in the short-term.
Eric Trump has joined Metaplanet’s strategic board of advisers to assist in advancing the company’s Bitcoin adoption strategy.
If Bitcoin manages to sustain above the key Fibonacci levels, a push toward $90,000 and beyond could be imminent.
Strategy has announced the acquisition of 130 Bitcoin and now holds a total of 499,226 BTC, acquired for a whopping $33.1 billion.
Bitcoin could drop to the $20,000 price level, according to BTC critic Peter Schiff, if the broader US stock market collapses amid uncertainty.
House Representative Gerald E. Connolly has urged the US Treasury to halt plans for a strategic Bitcoin reserve, calling it “unsound fiscal policy” with no benefit.
The US-based spot Bitcoin exchange-traded funds saw another phase of outflows as the demand for the leading crypto asset declined.
Bitcoin dropped a staggering 10% in the past day, despite Donald Trump’s bullish announcement of a crypto reserve in the US.
Bitcoin has climbed back above $92,000 after dropping to $80,000 in February, with the rally coinciding with Trump’s crypto strategic reserve announcement and potential SEC easing of Coinbase legal action.
Global cryptocurrency exchange-traded products (ETPs) saw $2.9 billion in outflows last week led by Bitcoin, totaling over $3.8 billion across three weeks.
Bitcoin surged 8% on Monday, fueled by Trump’s crypto reserve announcement, with analysts viewing it as a good buying opportunity.
Despite Bitcoin’s recent volatility, institutional confidence remains strong with Standard Chartered projecting a $500K target. Meanwhile, North Korean hackers executed the largest crypto theft in history and the SEC ended its Uniswap investigation.
BlackRock has expanded its crypto exposure by adding its iShares Bitcoin Trust (IBIT) to portfolio strategies that allow alternative investments, allocating 1-2% to Target Allocation models.
Bitcoin and crypto ETFs are in bearish mode with market data showing over $3 billion outflow in 8 days.