Galaxy

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/us-inflation-data-boosts-bitcoin" rel="noopener noreferrer nofollow">US Inflation Data Boosts Bitcoin</a><br></p>
<p style="text-align: justify">The S&amp;P 500 Index and Nasdaq Composite reached new highs following a surprisingly low US Consumer inflation report, which triggered a surge in <a href="https://en.bitcoinhaber.net/bitcoin-clings-to-new-heights-as-investors-eagerly-anticipate-the-halving-event" rel="noopener noreferrer nofollow">Bitcoin</a>, pushing its price above $66,000. As Bitcoin moves further from the $60,000 mark, the possibility of a breakdown diminishes, although this does not ensure a new upward trend.</p>
<h2 id="will-bitcoin-consolidate">Will Bitcoin Consolidate?</h2>
<p style="text-align: justify">Galaxy Digital’s CEO, Mike Novogratz, suggested during the firm’s Q1 earnings call that Bitcoin might consolidate between $55,000 and $75,000 before rising by quarter’s end. The bears’ failure to drag Bitcoin below $60,000 has piqued buyers’ interest. CoinShares’ latest report indicated a $130 million inflow into crypto asset <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investment</a> products last week, marking a positive shift after five weeks of outflows.</p>
<h2 id="why-are-institutional-investments-rising">Why Are Institutional Investments Rising?</h2>
<p style="text-align: justify">The Wisconsin State Investment Board revealed <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investments</a> of approximately $164 million in spot Bitcoin exchange-traded funds. Bloomberg ETF analyst Eric Balchunas noted that more institutional investments could be on the horizon, as such entities often act collectively.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<ul>
 <li>Bitcoin’s price surge above $66,000 reduces the likelihood of a breakdown.</li>
 <li>Galaxy Digital projects Bitcoin to consolidate between $55,000 and $75,000.</li>
 <li>Institutional investments in Bitcoin ETFs are increasing, influencing market trends.</li>
 <li>Ethereum’s robust defense at $2,850 indicates strong bullish support.</li>
</ul>
<p style="text-align: justify">Bitcoin has climbed above the 20-day exponential moving average of $62,765, indicating that bulls are absorbing supply. Should buyers maintain momentum and drive the price past the 50-day simple moving average of $65,152, it could pave the way for a rise to the significant resistance at $73,777, which bears are expected to defend staunchly.</p>
<h2 id="result">Result</h2>
<p style="text-align: justify">Bitcoin’s recent performance and the influx of institutional investments suggest a bullish outlook, though caution is warranted as resistance levels remain in play. Similarly, Ethereum’s strong support at $2,850 highlights the ongoing tug-of-war between bulls and bears, with potential for significant price movements based on market dynamics.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/us-inflation-data-boosts-bitcoin" rel="noopener noreferrer nofollow">US Inflation Data Boosts Bitcoin</a></h5>

US Inflation Data Boosts Bitcoin

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