Bitcoin hit an all-time high of over $120,000, driven by U.S. spot Bitcoin ETFs managed by BlackRock and Fidelity, as regulatory debates continue in Washington.
The new high impacts crypto markets significantly, drawing attention to Bitcoinโs role as a financial hedge, fueled by institutional interest and upcoming U.S. inflation data.
BlackRock and Fidelity ETFs Fuel Bitcoinโs $120K Milestone
Bitcoinโs new milestone of over $120,000 was achieved amid strong institutional inflows from BlackRock and Fidelity-managed spot ETFs. Positive sentiment grew as U.S. House discussions on crypto regulation are underway, influencing market expectations significantly.
BlackRockโs spot Bitcoin ETF holdings have exceeded 700,000 BTC, showcasing deep institutional participation. The U.S. Houseโs โCrypto Weekโ involves key regulatory bills that could impact market sentiment and regulatory expectations for Bitcoin.
Record Inflows into Bitcoin ETFs Spark Market Surge
Record capital inflows into Bitcoin ETFs have prompted a market surge, supporting its reputation as a hedge against inflation. Former President Donald Trumpโs celebratory statement underlines political interest in Bitcoinโs price rally.
The potential technological and regulatory impacts are evident as on-chain data remains bullish and major market players maintain commitment to Bitcoin. Policy debates might accelerate institutional exposure, coupled with macroeconomic uncertainty amplifying Bitcoinโs appeal.
Bitcoinโs All-Time High Resembles 2021 Bullish Trends
Bitcoinโs new peak follows past scenarios where all-time highs spurred volatility and rallies, similar to the $60,000 and $69,000 milestones in 2021, marking bullish trends in the market.
Bitcoinโs decisive move above the $112,000 resistance zone has fueled bullish sentiment โฆ still room for BTC to climb toward $120K, especially if momentum holds. โ Tony Sycamore, Analyst, IG
IG Analyst Tony Sycamore highlights that Bitcoinโs decisive move past $112,000 suggests further potential for price increase. Current indicators reflect strong momentum for continued price movement, steered by influential market elements.
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