Bitcoin Price Expectation – Higher Price After Crypto ETF Hype?

What can we see from the Bitcoin Price Forecast? The Bitcoin market seems to be looking stable after a price increase towards $61,425. After the Bitcoin ETFs from Grayscale and Bitwise, there is an increase in volume of $11.54 million. That’s why things seem to be looking more and more positive.

Thanks to more funds from institutional investors and economic figures that came out, we are seeing the effects on the prices. This also causes a movement in prices.

View our Bitcoin price forecast for 2024 – 2030 here.

Over $11.54 Million in Volume Arrives Thanks to Grayscale and Bitwise Crypto ETFs

The crypto market only continues to grow with Bitcoin spot Exchange Traded Funds (ETFs) seeing a significant increase in investor activity. On May 8, $11.54 million came in in volume. This indicates new capital flowing into the market and it says a lot about the interest that investors have.

https://twitter.com/tokendispatch_/status/1788427079505129669 pulled in $11.54 million in volume. Grayscale’s Bitcoin Investment Trust reported neutral volume flow, indicating stability among investors.

The total net asset value (NAV) of Bitcoin spot ETFs now stands at $51.50 billion. These are considerable figures and of course also say something about the increasing confidence and adoption of digital assets among both institutional and private investors.

Bitcoin ETFs continue to attract significant interest and investment. The increase in volume coming in from ETFs indicates that cryptocurrency is becoming increasingly accepted.

But you also see that investors are increasingly turning to these funds to gain access to cryptocurrency in a safe and easy way, thanks to ETFs.

Bitcoin Price Forecast

Today we saw a rise in Bitcoin (BTC/USD), with it up around 0.50% and trading at $61,425 on the 4-hour chart. The technical analysis looks quite bullish for Bitcoin as $61,000 is an important one. Above this level, Bitcoin has the next resistance level at $62,865 and then the levels $64,360 and $66,760.

At the bottom, the first support level is $59,150, after which $57,000 and $54,675 are seen as support levels. At these levels, Bitcoin could bounce after a pullback if the bearish trend continues.

Technical indicators such as the Relative Strength Index (RSI) are at 40, suggesting that the market is neither oversold nor overbought. The 50-day Exponential Moving Average (EMA) is currently at $62,420, just above the recent price, indicating some resistance near this level.

Bitcoin would be bullish above $61,000. But a drop below that could trigger FUD and shift the bias to bearish. Investors should keep an eye on these levels for possible price movements in BTC/USD.

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_{Disclaimer: Cryptocurrencies are investments that come with high risks. This article serves as a source of information and does not constitute any form of financial advice. You can lose all your capital.}