Bitcoin
Crypto Market Watch: As India Counts Votes, Bitcoin Moves Toward $70,000 Mark
As India counts votes for today’s general elections, the crypto market is buzzing with optimism. While the elections will not have a direct impact on cryptocurrencies, the new government could play a crucial role in shaping regulations and the adoption of cryptocurrencies in the country. Most analysts are suggesting a bullish trend for the crypto market, with Bitcoin and Ethereum leading the charge.
Bitcoin Rally
Bitcoin is on the verge of a major rally, reaching the $70,000 mark following encouraging US inflation data. Shivam Thakral, CEO of BuyUcoin, explains: “Low inflation data has sparked debate about a possible interest rate cut by the US Fed at its next meeting this month. If Bitcoin reaches its all-time high again, we could see BTC if approaching US$100,000, as predicted by banking giant Standard Chartered.”
Thakral adds that current macroeconomic factors appear favorable and the momentum is expected to continue. This sentiment is echoed by the CoinDCX research team, which notes that Bitcoin is consolidating between $69,000 and $70,000, with bullish signals from exponential moving averages (EMAs) and positive inflows into Bitcoin ETFs.
Ethereum and Altcoins
Rajagopal Menon, vice president at WazirX, highlights the bullish trends in the crypto market, especially for Ethereum. “Ethereum continues to fluctuate around its 50-day EMA, which has been a strong support level. The technical indicators show positive signs, with the stochastic indicator starting to overlap positively, indicating a potential uptrend.”
Menon also points out that Bitcoin is testing a crucial resistance level at $69,110.00. “A breach of this level could propel Bitcoin higher, with initial targets set at $70,645.00 and potentially extending to $73,800.00. The bullish outlook for Bitcoin remains intact as long as it remains above $67,080.00,” he says.
Market structure
Institutional interest in Bitcoin is growing. CoinSwitch Markets Desk reports that Bitcoin has stabilized around the $69,000 mark, with the market structure poised for another step towards its all-time highs. Ethereum also found its footing at $3,800, with minimal selling pressure expected as ETH ETF trading is scheduled to begin later this month.
According to CoinSwitch Markets Desk, the US state of Wisconsin’s investment in Bitcoin is proof of growing institutional interest. Wisconsin has invested a small portion of its pension fund in Bitcoin and is expected to increase exposure through spot Bitcoin ETF products. Currently, this represents 0.1% of its $156 billion in assets.
The upcoming Federal Reserve policy meeting is a focal point for the crypto market. Analysts believe potential Fed rate cuts in the coming months could boost the market further. “The anticipation of stable interest rates is contributing to the current optimism in the cryptocurrency market,” says Menon. Investors are hopeful that these macroeconomic factors will continue to drive the market higher.