Bitcoin’s (BTC) price is attempting to rally beyond the resistance level of around $71,000 again after a fake breakout earlier this week that saw the instrument rebound to the support level of around $68,000. On-chain data shows that Bitcoin whales have accumulated more coins despite market volatility.
Moreover, more wealth fund managers have been diversifying their portfolios to the digital asset industry, led by Bitcoin and Ethereum.
Bitcoin Demand Unwavering
In the latest update, South Korea’s pro-Bitcoin Democratic Party, which promised to allow investors to invest in spot BTC ETFs locally and overseas, has won the national election. The move follows a push by Hong Kong fund managers to offer regulated spot Bitcoin ETFs.
After dumping into the market after the approval of spot Bitcoin ETFs in the United States, Grayscale’s GBTC recorded the lowest cash outflow of about $18 million on Wednesday. The move comes as Grayscale’s CEO Michael Sonnenshein announced plans to reduce the sponsor fee through the Grayscale Bitcoin Mini Trust, which is yet to be approved by the U.S. SEC.
Meanwhile, BlackRock’s IBIT and Fidelity’s FBTC hold more than 411k Bitcoins combined.
Pre-halving BTC Price Analysis
According to a popular crypto analyst, Michaël van de Poppe, the Bitcoin price must crash the resistance range between $71k and $72k in the coming days to set a new all-time high (ATH) before the halving event. A consistent Bitcoin price close to $72k in the coming weeks will propel the entire altcoin industry.
According to a popular crypto analyst, Captain Faibik, the Bitcoin price will aim for $85k if it breaks out of the bullish pennant formation.