Following approval by the US SEC and OCC, options for BlackRock’s iShares Bitcoin Trust ETF (IBIT) will be listed on the Nasdaq exchange today.
Key Notes
- Bitcoin price has been consolidating in a bullish pennant, with a short-term target of at least $100k before a major correction.
- The US spot Bitcoin ETFs have registered more than $9 billion in cash inflows in the past seven weeks.
Bitcoin
BTC
$91 361
24h volatility:
0.5%
Market cap:
$1.81 T
Vol. 24h:
$78.12 B
price rebounded above $91.5K on Tuesday, signaling a potential bullish breakout in the near term. In the daily time frame, the flagship coin has been forming a symmetrical ascending triangular pattern, after recently reaching a new all-time high of about $93,477 last week.
From a technical analysis standpoint, Bitcoin price has already entered the most revered phase of the macro bull market dubbed euphoric. Moreover, FOMO traders have significantly increased in the recent past as shown by heightened daily trading volume and market liquidations.
According to the latest data, more than $316 million was liquidated from the crypto-leveraged market in the last 24 hours, mostly involving long traders. In comparison to previous macro bull cycles, crypto analyst Ali Martinez highlighted through an X post that Bitcoin price could rally to $150K in the near term before experiencing a major correction.
However, a sustained close below $89K will likely push Bitcoin price to the support range between $85K and $80K.
Why Bitcoin Price Will Continue to Rally Further
Bitcoin price has been in the discovery phase for the past three weeks since the historic victory of Donald Trump as the 47th president of the United States. In the past few weeks, the Bitcoin investment products, led by the United States spot BTC ETFs, have registered significant net cash inflows.
On Monday, the US spot BTC ETFs registered a net cash inflow of about $254 million, thus overshadowing the daily coins produced by miners. In the last seven weeks, the United States spot Bitcoin ETFs, led by BlackRock’s IBIT, have registered more than $9 billion in net cash inflows.
In a bid to enhance its market liquidity, BlackRock’s IBIT is set to have its options launched for listing and trading on the Nasdaq exchange today, according to Nasdaq Head of ETP Listings, Alison Hennessy.
Institutional investors led by MicroStrategy Inc (NASDAQ: MSTR) and Metaplanet Inc have continued to double down on their purchases in the recent past. On Monday, MicroStrategy announced that it had acquired 51,780 BTCs, worth over $4.6 billion. As a result, MicroStrategy now holds 331,220 Bitcoins, which is more than 1 percent of the total coins that will ever exist.
Meanwhile, Metaplanet announced earlier today that it has acquired an additional 124.11 Bitcoins, thus currently holding over 1,142 BTC units.
Bigger Market Picture
Bitcoin price is expected to rally exponentially in the coming months as nation-states prepare to adopt it as a strategic reserve currency. As the spot gold ETFs continue to bleed to Bitcoin, the crypto cash rotation will favor the altcoin market ahead.
Already, altcoins, including Ethereum
ETH
$3 105
24h volatility:
0.1%
Market cap:
$373.76 B
Vol. 24h:
$35.53 B
, Dogecoin
DOGE
$0.38
24h volatility:
3.0%
Market cap:
$56.31 B
Vol. 24h:
$10.97 B
, XRP
XRP
$1.09
24h volatility:
3.8%
Market cap:
$62.27 B
Vol. 24h:
$8.08 B
, Solana
SOL
$242.6
24h volatility:
0.0%
Market cap:
$115.14 B
Vol. 24h:
$10.14 B
, and others, have signaled an imminent bullish breakout to a parabolic rally ahead.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology.
Let us all WIN!
Steve Muchoki on LinkedIn
