Bitcoin
BTC Hits $70,000 Amid Ethereum ETF Optimism
Last updated: May 21, 2024 11:32 pm EDT | 3 minutes reading
Bitcoin (BTC) continued its upward momentum, remaining well supported around the $69,703 level and reaching an intraday high of $71,957 on Tuesday. This uptrend is mainly driven by positive regulatory news regarding Ether exchange-traded funds (ETFs).
The US SEC’s recent order for exchanges to update regulatory filings for Ether ETFs has sparked widespread optimism in the cryptocurrency market. This move by the SEC significantly increased the likelihood of ETF approvals, thus increasing investor confidence.
As a result, Bitcoin benefited from overall positive market sentiment. Ether’s strong performance and growing interest in cryptocurrency ETFs contributed to Bitcoin’s gains, reflecting increased investor enthusiasm across the market.
Bitcoin Mining Firms Strengthen Finances, Boost Market Confidence Ahead of Halving
Public Bitcoin mining companies have bolstered their finances in preparation for the upcoming halving event in April. According to BlocksBridge Consulting, ten public miners raised $2 billion through equity financing to mitigate the impact of reduced profitability following the halving.
Leading this effort, Marathon Digital, CleanSpark, and Riot Blockchain collectively held $1.33 billion in cash and 32,200 Bitcoins as of the end of March.
Despite mixed Q1 2024 financial results due to rising costs, Riot Blockchain reported a record net profit of US$211.8 million. However, financing activity slowed in the second quarter, with less than $500 million invested in major public mining stocks as of mid-May.
These financial preparations have strengthened miners’ resilience and market confidence, contributing to the stability and growth of Bitcoin prices amid the anticipated reduction in mining rewards arising from the halving event.
Key points:
- Public miners raised $2 billion through equity financing.
- Marathon Digital, CleanSpark and Riot Blockchain held $1.33 billion in cash and 32,200 Bitcoins.
- Riot Blockchain achieved a record net profit of $211.8 million in the first quarter of 2024.
- Financing activity slowed in the second quarter, with less than $500 million invested as of mid-May.
Ethereum ETF Approval Boosts Crypto Market and Bitcoin Price Outlook
Ethereum ETF approval probability increased from 25% to 75%, according to Bloomberg analysts, driving positive sentiment in the crypto market. Standard Chartered also predicted an approval this week.
Following this price surge, Glassnode analyst James Check suggested that a “second wave” of ETF demand could impact Bitcoin and other cryptocurrencies.
Key points:
- Highest Odds of Ethereum ETF Approval: Bloomberg experts increased the chances of approval to 75%.
- Chartered Standard Forecast: It anticipates approval this week.
- Market impact: Potential for a “second wave” of ETF demand.
- Analyst view: James Check highlights leveraged bets against the uptrend leading to sell-offs, but believes market growth will continue.
This higher probability of Ethereum ETF approval, combined with forecasts of higher ETF demand, could improve market sentiment and increase the price of Bitcoin.
Bitcoin (BTC/USD) is currently trading at $70,025, a slight drop of 0.16%, but the Bitcoin Price Prediction remains optimistic. The 4-hour chart highlights key levels to watch. The pivot point is $72,030.
Immediate resistance levels are $73,734, $75,480 and $76,000. Immediate support is at $69,219, followed by $68,853 and $65,949.
- TO READ: The Relative Strength Index (RSI) is at 66.62, indicating that Bitcoin is approaching overbought conditions.
- 50 EMA: The 50-day exponential moving average (EMA) stands at $68,853, providing important support.
The technical setup suggests an uptrend if Bitcoin remains above $69,219. Traders should look for a breakout above $72,030 to reach higher resistance levels. However, a drop below $69,219 could lead to a decline to $68,853.
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