Bitcoin Surges Towards $70,000, Defying Weekend Stagnation
Bitcoin is defying typical weekend stagnation as it approaches the $70,000 mark, driven by institutional interest and market anticipation. The upcoming Bitcoin halving, only 12 days away, is expected to further boost the cryptocurrency’s momentum. Despite a slight dip earlier in the week, Bitcoin has shown resilience by nearing the $70,000 threshold, experiencing a significant increase of 2.6% in the last 24 hours.
This surge during the usually less active weekend trading period indicates a strong bullish sentiment in the market. Greece-based investment firm, Bonovox IQ, recognizes this unusual weekend strength and sees Bitcoin’s approach to $70,000 as a sign of a continuing bullish trend. This deviation from the norm is highlighted in a Crypto News Flash (CNF) YouTube video, breaking the pattern of less reliable BTC price movements typically seen on weekends.
The leap to $69,781 mirrors Bitcoin’s initial climb over $70,000, fueling expectations for continued gains in the coming week. Experts such as Daan Crypto Trades and Michaël van de Poppe believe that surpassing the $69,000 threshold could trigger a strong rally towards pre-halving highs. However, caution is advised due to the potential for price rejection around $72,000, due to a bearish divergence in the market.
Institutional interest remains a key driver, as evidenced by significant net inflows into U.S. spot Bitcoin exchange-traded funds (ETFs). BlackRock’s recent inclusion of major U.S. banks as authorized participants in these ETFs is a notable development, with approximately $570 million in net inflows last week, indicating growing institutional fascination with Bitcoin.
Daan Crypto Trades also highlighted the unique weekend activity for Bitcoin, noting that the price consistently climbed instead of hovering at a static level, reminiscent of the movements seen during Bitcoin’s initial surge past $70,000.
As of now, Bitcoin’s price stands firm at over $71,230, marking a 2.65% rise over the past week. This steady growth, along with institutional maneuvers and market sentiment, suggests an optimistic outlook for Bitcoin as it approaches the highly anticipated halving event.