Bitcoin defies the usual weekend stagnation and approaches the $70,000 mark, driven by institutional interest and market anticipation. The upcoming halving and strategic moves by institutions indicate a bullish trend for BTC.
In the latest weekend update, Crypto News Flash (CNF) highlighted Bitcoin’s strong performance, as its price exceeded $67,000. This surge comes as the cryptocurrency market eagerly awaits the upcoming Bitcoin halving, which is only 12 days away. Despite a dip earlier in the week, Bitcoin has shown remarkable resilience by nearing the $70,000 threshold, experiencing a significant increase of 2.6% in the last 24 hours.
This upward trend during a traditionally less active trading period signals a strong bullish sentiment in the market. Bonovox IQ, an investment firm based in Greece, has also recognized this unusual weekend strength, considering Bitcoin’s approach to the $70,000 mark as an indicator of a continuing bullish trend.
This unusual weekend bullishness is further highlighted in a CNF YouTube video, which breaks the typical pattern of less reliable BTC price movements seen during weekends. The jump to $69,781 reflects Bitcoin’s initial climb over $70,000, fueling trader expectations for further 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 possibility of price rejection around $72,000, due to a bearish divergence in the market.
Institutional interest remains a significant driver, as evidenced by substantial 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 a growing institutional fascination with Bitcoin.
Daan Crypto Trades also highlighted the unique weekend activity for Bitcoin in a tweet, noting that the price consistently climbed instead of remaining static, similar to the movements seen during Bitcoin’s initial surge past $70,000.
As of now, Bitcoin’s price stands firm at over $71,230, representing a 2.65% increase 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.