The price of Bitcoin has started to recover after close to four weeks of struggle following the ETF approval. There has been optimism around the cryptocurrency, and today, the price has surged to $47K today. The price action looks ready to continue moving higher.
What’s Behind Bitcoin’s Recent Gains According to Crypto Rover
Why is Bitcoin pumping? That is a question crypto analyst Crypto Rover has seen a lot recently. For him, the picture is clear – there have been massive inflows totaling billions of dollars into Bitcoin ETFs. Fidelity has also started allocating 1% to Bitcoin in its Conservative ETF. Overall, increasing institutional adoption and investment is likely fueling Bitcoin’s latest surge.
Bitcoin Faces Key Resistance Level
Rekt Capital, another popular crypto analyst, notes Bitcoin is trying to break a key resistance level known as the Macro Diagonal for the second month straight. A break above the Macro Diagonal around $48K could propel Bitcoin’s price to as high as $61K, close to its former all-time high of $69K.
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