Bitcoin price finally broke the USD 30,500 resistance last week, is currently trading at USD 34,229 and recorded its highest weekly close in 550 days (!) just a few hours ago. Now the big question is of course whether the bull market has started and whether Bitcoin has what it takes to rise even further from now on.
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Highest weekly closing price in almost two years for Bitcoin
Regardless, Bitcoin’s performance on the weekly chart is impressive. Bitcoin closed last week at the current price of $34,200, managing to reach its highest weekly close in 550 days.
The next target for Bitcoin is above $38,468. In this way it was possible to achieve a weekly closure in April 2022. In that sense, there is still a lot to be gained from the largest currency on the market.
Regardless, Bitcoin’s Relative Strength Index (RSI), a key momentum indicator for technical analysis, is currently bullish. This means we could see even more Bitcoin gains in the coming days; but an all-time high and that is why the bull market seems far away at the moment.
The institutional adoption of Bitcoin
The price of Bitcoin is exploding due to the enormous excitement surrounding the possible launch of a spot Bitcoin ETF in the United States. It is still too early to determine the exact price impact, but there is no denying that sentiment towards Bitcoin is very bullish at the moment.
What makes the rise of Bitcoin particularly interesting is the fact that the US stock markets are currently going through very difficult times. In fact, the US S&P 500, perhaps the most important stock exchange in the US, even recorded declines last month.
Normally Bitcoin and, for example, the S&P 500 move quite in sync. In this regard, we can almost say with certainty that the current increases are due to the excitement and speculation surrounding the Spot Bitcoin ETF.
The fact that asset managers such as BlackRock, the largest in the world, are now shifting their focus to Bitcoin shows that digital currencies are playing an increasingly important role in the financial system.
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Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
