Bitcoin Surges Towards $70,000, Defying Weekend Stagnation
Bitcoin continues to defy the typical weekend stagnation as its price approaches $70,000. Institutional interest and market anticipation are at an all-time high, signaling a bullish trend for BTC.
In our latest weekend update, Crypto News Flash (CNF) highlighted the robust performance of Bitcoin, with its price surpassing the $67,000 mark. This surge comes as the cryptocurrency market eagerly awaits the upcoming Bitcoin halving, which is only 12 days away. Despite experiencing 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.
The fact that Bitcoin is experiencing an upward trend during the weekend, a period traditionally known for less intense trading activity, indicates a strong bullish sentiment in the market. Greece-based investment firm Bonovox IQ has also recognized this unusual weekend strength, viewing Bitcoin’s approach to the $70,000 mark as an indicator of a continuing bullish trend.
CNF further highlights this uncommon weekend bullishness in a YouTube video, breaking the pattern of unreliable BTC price movements typically seen during weekends.
The leap to $69,781 mirrors Bitcoin’s initial climb over $70,000, fueling trader expectations for continued gains in the coming week. Experts such as Daan Crypto Trades and Michaël van de Poppe suggest that surpassing the $69,000 threshold could trigger a strong rally towards pre-halving highs. However, caution is advised due to the potential for price rejection around $72,000, as there is a bearish divergence in the market.
Institutional interest remains a key driver, as evident from significant 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 marks 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 unlike usual patterns, the price consistently climbed rather than hovering at a static level. This is reminiscent of the movements seen during Bitcoin’s initial surge past $70,000.
As of now, Bitcoin’s price stands firm at over $71,230, marking a 2.65% rise over the past week. This steady growth, combined with institutional maneuvers and market sentiment, suggests an optimistic outlook for Bitcoin as it approaches the highly anticipated halving event.