Bitcoin is stabilising at around $95,000, with speculation it could hit $100,000. Recent factors include $591.29 million inflow into U.S. spot Bitcoin ETFs and MicroStrategy’s acquisition of 15,355 BTC. Arizona’s new bill allows up to 10% state funds into Bitcoin, potentially making it the first state to adopt it as a reserve asset. Should BTC break and close above $95,000, it may rally further, aiming for the $100,000 mark.
Bitcoin (BTC) is experiencing some stabilisation at around $95,000 lately, and many analysts are looking ahead, speculating that it may be poised to hit that coveted $100,000 mark. This comes on the heels of some notable movements in both institutional and corporate realms.
On Monday, U.S. spot Bitcoin ETFs reported an impressive inflow of $591.29 million. This trend has been ongoing since mid-April and, if it continues, could fuel further price increases. Moreover, MicroStrategy, a prominent corporate player in the crypto space, revealed that it acquired an additional 15,355 BTC for about $1.42 billion, increasing its total holdings to a whopping 553,555 BTC.
Arizona made waves as it passed a bill allowing its state treasurer and retirement system to allocate up to 10% of available funds into digital assets, particularly Bitcoin. This legislation, sent to Governor Katie Hobbs for signing, could mark Arizona as the first state officially adopting Bitcoin as a reserve asset, potentially prompting other states to consider similar moves.
As for Bitcoin’s price trajectory, it had a strong showing last week, breaking above its 200-day Exponential Moving Average (EMA) around $85,000 and achieving an 11.14% uptick. However, it faced some resistance around the $95,000 level, which it has yet to decisively close above. Should Bitcoin manage to regain that ground and break through $97,000, the path to $100,000 may open up.
There’s been a notable shift in market sentiment, seen in the Relative Strength Index, which, while indicating some fading momentum (currently at 67), suggests potential consolidation rather than a complete reversal. Investors are keeping an eye on whether Bitcoin can hold above key levels like $90,000 if it fails to break $95,000.
For the uninitiated, Bitcoin is the leading cryptocurrency into a market full of alternatives known as altcoins. Stablecoins, pegged to stable assets such as the U.S. Dollar, offer a way for investors to avoid some of that volatility associated with regular cryptocurrencies. Bitcoin itself holds sway over a significant portion of overall market capitalisation, making it a staple in investment discussions.
Finally, investors should remain cautious. The information shared here contains certain risks and uncertainties that may affect market movements. Thus, it’s crucial to conduct thorough research before making any investment decisions. Neither FXStreet nor its authors guarantee the accuracy or completeness of any information in this article, so take heed before throwing your hat in the crypto ring.
