Ethereum

Solana

Bitcoin ETF

Bitcoin

James

The crypto world has observed an intriguing pattern over the past month. While investments into institutional crypto products have been on a positive streak for the fourth consecutive week, Bitcoin price nears its three-month high. 
According to a <a href="https://blog.coinshares.com/volume-154-digital-asset-fund-flows-weekly-report-8047e8013369" rel="nofollow noopener" target="_blank">CoinShares</a> report, institutional crypto products have seen investments amounting to $66 million in the previous week. 
<a href="https://crypto.ro/wp-content/uploads/2023/10/ezgif.com-webp-to-png-17.png"><img decoding="async" class="size-full wp-image-23345 alignnone" src="https://crypto.ro/wp-content/uploads/2023/10/ezgif.com-webp-to-png-17.png" alt="ezgif.com webp to png 17" width="4753" height="4777" title="Bitcoin price approaches 3-month high amidst rising institutional investments 18"></a> 
Notably, a significant chunk, 83.7% or $55.3 million, has been directed toward Bitcoin. 
James Butterfill of CoinShares believes these positive inflows could be due to the anticipation surrounding a spot Bitcoin ETF launch in the U.S. 
However, it’s worth noting that recent investments have been comparatively modest when juxtaposed with the $807 million observed post-BlackRock’s spot Bitcoin application announcement in June. 
<h2 id="strong-bitcoin-s-rally-and-analysts-take-strong">Bitcoin’s rally and analysts’ take</h2> 
On the price front, Bitcoin hit a three-month high nearing $31,000 on October 23. This marks its first weekly close above $30,000 since the summer and nudges it closer to the key long-term resistance level of $31,800. 
<a href="https://twitter.com/CryptoJelleNL/status/1716331997579051333" rel="nofollow noopener" target="_blank">Jelle</a>, a noted crypto trader, mentions, “Bitcoin is back at key resistance for the third time in 6 months.” While urging caution, he also hints at a possible explosive price movement once the resistance gives way. 
Analyst <a href="https://twitter.com/CryptoJelleNL/status/1716331997579051333" rel="nofollow noopener" target="_blank">Matthew Hyland</a> sees similarities in the market to periods just before reaching yearly highs, indicating a possible push for Bitcoin’s price. Skew, another trader, points out the short squeezes taking place and emphasizes the significance of the high-timeframe (HTF) resistance levels. 
On the altcoin side, Solana continues to dominate institutional offerings next to Bitcoin, while Ethereum sees concerns, possibly due to centralization issues. 
<a href="https://crypto.ro/wp-content/uploads/2023/10/image_2023-10-23_14-38-44.png"><img decoding="async" class="size-full wp-image-23348 alignnone" src="https://crypto.ro/wp-content/uploads/2023/10/image_2023-10-23_14-38-44.png" alt="image 2023 10 23 14 38 44" width="683" height="485" title="Bitcoin price approaches 3-month high amidst rising institutional investments 19"></a> 
Both the investment surge and Bitcoin’s price behavior indicate a riveting phase for the crypto market. As developments unfold, traders and investors alike are keeping a keen eye on potential movements.

Bitcoin price approaches 3-month high amidst rising institutional investments

Table of Contents

crypto.ro global

Other articles published on Oct 23, 2023

European Parliament Urged to Safeguard Fundamental Rights in AI Legislation

China Leverages Digital Yuan in International Crude Oil Deal

Sekuya Launches New Website, More Complex and Better Than Ever

Have you considered using tarot cards and divine signals to predict the crypto market? Thai inves...

Supra and Google Partner to Bring Fast Price Feeds to Financial Markets

ERC20 (ERC20) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!