Bitcoin Price Prediction 23 May: BTC Struggles at the $70,000 Resistance – What’s the Next Level to Watch?
Bitcoin (BTC) is currently navigating resistance around $70,000. Starting the week bullish, BTC peaked at $71,957, gaining 13% over the past seven days. The rise was driven by inflows into Bitcoin spot ETFs and optimism for Ethereum spot ETF approval by the SEC.
BlackRock’s IBIT Leads Bitcoin ETF Inflows and Institutional Demand
U.S. bitcoin spot ETFs have seen remarkable success, particularly BlackRock’s IBIT, which captured 94.86% of recent inflows, totalling $280 million out of $305.7 million. This fund now holds nearly 282,000 BTC, closely rivalling Grayscale’s Bitcoin Trust.
The Spot #Bitcoin ETF had a net inflow of $305.7 million yesterday! pic.twitter.com/sOLSEfXjPY
— Josh (@CryptoWorldJosh) May 22, 2024
- Fidelity’s FBTC also saw significant inflows.
- Other bitcoin ETFs experienced no activity.
- BlackRock’s IBIT is attracting 414 institutional investors, making it the fastest-growing ETF.
The success of BlackRock’s IBIT and the rising institutional interest in bitcoin ETFs indicate growing confidence in cryptocurrency, likely boosting BTC demand and positively impacting the broader crypto market.
Kaleo’s Bullish Predictions for Bitcoin and Crypto Market
Analyst Kaleo predicts the true bull cycle for cryptocurrencies is yet to begin, with Bitcoin currently in an accumulation phase. He forecasts Bitcoin could reach $150,000 to $200,000, and Ethereum might surge to around $12,000.
Significant capital inflows are expected to ignite a frenzy in altcoins and decentralized applications.
Despite Bitcoin’s drop to around $69,000 and Ethereum at $3,737, Kaleo remains optimistic, suggesting substantial opportunities ahead.
This bullish outlook is likely to drive increased investor interest and capital inflows, potentially boosting prices across the crypto market.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is trading at $69,563, up 0.65%, signalling a bullish Bitcoin price prediction. The 4-hour chart shows a pivot point at $68,944. Immediate resistance levels are at $72,030, $73,734, and $75,480. Key support levels are at $67,549, $65,949, and $63,901.
The RSI is at 55, indicating moderate momentum. The 50 EMA is at $67,532, supporting a slight bullish bias. Bitcoin’s trading above the $68,950 support level suggests a bullish outlook, with potential resistance around $71,000 and $72,000.
The formation of a doji candle followed by a bullish candle indicates exhaustion in selling pressure and the potential for upward movement.
Conclusion: Bullish above $68,950. A break below this level could trigger a sharp selling trend.
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