BTC Rebounding Near Highs
Bitcoin prices are recovering today following a more than 5% plunge from yesterday evening as markets reacted to news of Israel attacking Iran. BTC futures plunged amidst the broad drop off in risk assets as news of the attacks broke. However, the slide lower found strong support into the $103k lows with BTC now trading back up into the mid $105k region. The recovery today is an encouraging sign for bulls, reflecting the strong residual demand in the market amidst the growing view that BTC is on the verge of a breakout in the near-term.
Institutional Demand
Institutional demand has been rising steadily in Bitcoin over the last month with ETF inflows recently hitting record levels. With more funds applying to launch BTC ETFs and the UK set to approve BTC ETFs, institutional demand looks poised to continue to grow, taking BTC prices higher. Indeed, BTC ETFs have recently become more popular than gold with investors continuing to turn to the leading crypto asset. A finite supply and news of increasing levels of corporate and state purchases mean that the near-term outlook for BTC remains firmly bullish with some players calling for BTC to end the year well above the $200k mark.
Technical Views
BTC
The sell off in BTC has found support well ahead of the $100k mark, keeping focus on a fresh push higher for now. If bulls can get back above the $108,855 level, focus will be on a move through current ATH and a test of the bull channel top and $120k mark next. Only a break below the $100k mark will negate this near-term bull view.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.