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Last updated: May 21, 2024 05:26 EDT | 3 min read

Bitcoin price predictions are gaining significant attention as the cryptocurrencys value approaches its all-time high. Recent surges have propelled Bitcoin to $71,000, fueled by strong inflows into Bitcoin spot ETFs and renewed interest from institutional investors like Morgan Stanley and JPMorgan.

The overall positive market sentiment, bolstered by the potential approval of Ethereum ETFs, further supports the bullish outlook. As Bitcoin nears its peak, speculation about its future performance intensifies among investors and analysts alike.

Recent data shows a notable rise in investments in digital asset products, despite lower overall trading volumes. Total inflows reached $932 million for the second consecutive week, primarily driven by an unexpected Consumer Price Index (CPI) report.

This report spurred a surge in investment, with 89% of inflows occurring in the last three trading days. Bitcoin saw substantial inflows of $942 million, indicating growing investor confidence.

The increased investment in digital asset products, particularly Bitcoin, highlights the markets positive sentiment and confidence in its future performance.

Ethereums price jumped over 16% as Bloomberg analysts raised the likelihood of spot Ethereum ETF approval to 75%, citing potential political pressure on the SEC.

However, Grayscales CEO stepping down complicates the situation ahead of the SECs decisions on VanEcks and Ark 21Shares ETF applications, expected on May 23 and 24.

Nate Geraci outlined the SECs ETF approval process, indicating that approval of 19b-4 filings could lead to eventual S-1 approvals. Despite initial doubts due to the CEOs resignation, the improved ETF approval odds suggest a positive outlook for Ethereum.

The potential approval of Ethereum ETFs is likely to boost market sentiment, which could also positively influence Bitcoins price due to the correlation between major cryptocurrencies.

Bitcoin (BTC/USD) currently trades at $71,254, down 0.75% amid correction, yet Bitcoin price prediction remains bullish. The 4-hour chart indicates several key price levels to monitor. T

he pivot point is set at $71,995, with immediate resistance at $73,306, followed by further resistance levels at $74,567 and $75,656. On the downside, immediate support is at $70,560, with additional support levels at $69,695 and $68,263.

Technical indicators suggest a cautious outlook. The Relative Strength Index (RSI) stands at 80, indicating overbought conditions that often precede a pullback. The 50-day Exponential Moving Average (EMA) is positioned at $65,588, underscoring the underlying bullish trend despite recent volatility.

Bitcoin has recently closed a Doji candle, followed by solid bullish engulfing candles, which typically signal a potential bearish correction. On the downside, BTC could drop to the 38.2% Fibonacci retracement level around $69,500.

Conversely, a bullish breakout above $72,000 could pave the way for further gains towards $73,275 or even $74,500.

Current Trend: Bitcoins technical outlook is bearish below $72,000. A break above this level could shift sentiment to a more bullish bias, targeting $73,275 and beyond.

Conversely, failure to hold above immediate support at $70,560 may lead to further declines towards $69,695 and $68,263.

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See the article here:
Bitcoin Price Prediction as BTC Blasts Toward All-Time High Are Whales Buying Again? - Cryptonews