Bitcoin Price Prediction: BTC Hits $70,000 Amid Ethereum ETF Optimism

Celý článek

Bitcoin (BTC) continued its upward momentum, staying well-supported around the $69,703 level and reaching an intra-day high of $71,957 on Tuesday. This bullish trend is primarily driven by positive regulatory news concerning Ether exchange-traded funds (ETFs).

The US SEC’s recent request for exchanges to update regulatory filings for Ether ETFs has sparked widespread optimism in the cryptocurrency market. This move by the SEC has significantly increased the likelihood of ETF approvals, thereby boosting investor confidence.

As a result, Bitcoin has benefited from the overall positive market sentiment. The strong performance of Ether and the growing interest in cryptocurrency ETFs have contributed to Bitcoin’s gains, reflecting heightened investor enthusiasm across the market.

Bitcoin Mining Companies Strengthen Finances, Boost Market Confidence Ahead of Halving

Public Bitcoin mining companies have bolstered their finances in preparation for the upcoming April halving event. According to BlocksBridge Consulting, ten public miners raised $2 billion through equity financing to mitigate the impact of reduced profitability post-halving.

Leading this effort, Marathon Digital, CleanSpark, and Riot Blockchain collectively held $1.33 billion in cash and 32,200 Bitcoin by the end of March.

Despite mixed Q1 2024 financial results due to rising costs, Riot Blockchain reported a record net income of $211.8 million. However, funding activities slowed in Q2, with less than $500 million invested in major public mining stocks by mid-May.

These financial preparations have strengthened miner resilience and market confidence, contributing to Bitcoin’s price stability and growth amid the anticipated reduction in mining rewards from the halving event.

Key Points:

• Public miners raised $2 billion via equity financing.
• Marathon Digital, CleanSpark, and Riot Blockchain held $1.33 billion in cash and 32,200 Bitcoin.
• Riot Blockchain achieved a record net income of $211.8 million in Q1 2024.
• Funding activities slowed in Q2, with less than $500 million invested by mid-May.

Ethereum ETF Approval Boosts Crypto Market and Bitcoin Price Outlook

The likelihood of Ethereum ETF approval has surged 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 boost, Glassnode analyst James Check suggested a “second wave” of ETF demand could impact Bitcoin and other cryptocurrencies.

Key Points:

• Increased Ethereum ETF Approval Odds: Bloomberg experts raised approval chances to 75%.
• Standard Chartered Prediction: Anticipates approval this week.
• Market Impact: Potential for a “second wave” of ETF demand.
• Analyst Insight: James Check highlights leveraged bets against the uptrend, leading to liquidations but believes market growth will continue.

This increased probability of Ethereum ETF approval, combined with predictions of further ETF demand, could enhance market sentiment and drive up Bitcoin’s price.

Bitcoin (BTC/USD) is currently trading at $70,025, slightly down by 0.16%, yet the Bitcoin price prediction remains bullish. The 4-hour chart highlights key levels to watch. The pivot point is at $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.

• RSI: The Relative Strength Index (RSI) is at 66.62, indicating Bitcoin is nearing overbought conditions.
• 50 EMA: The 50-day Exponential Moving Average (EMA) is at $68,853, providing key support.

The technical setup suggests a bullish trend if Bitcoin remains above $69,219. Traders should look for a breakout above $72,030 to target higher resistance levels. However, a drop below $69,219 could lead to a decline towards $68,853.

The post Bitcoin Price Prediction: BTC Hits $70,000 Amid Ethereum ETF Optimism appeared first on Cryptonews.