Markets
Crypto Market Watch: As India counts votes, Bitcoin inches closer to $70,000 mark
As India counts votes for its general elections today, the crypto market is bubbling with optimism. Although the elections will not have a direct impact on cryptocurrencies, the new government could play a crucial role in shaping the regulation and adoption of cryptocurrencies in the country. Most analysts are hinting at a bullish trend for the crypto market, with Bitcoin and Ethereum leading the way.
Bitcoin Rally
Bitcoin is poised for a major rally, touching the $70,000 mark after encouraging inflation data from the United States. Shivam Thakral, CEO of BuyUcoin, explains: “Weak inflation data has sparked debates over a possible interest rate cut by the US Fed at its next meeting this month. If Bitcoin breaks its all-time high again, we could see BTC approach $100,000. , as predicted by banking giant Standard Chartered.
Thakral adds that current macroeconomic factors appear favorable and the momentum is expected to continue. This sentiment is echoed by the CoinDCX research team, who note that Bitcoin is consolidating between $69,000 and $70,000, with bullish signals coming from exponential moving averages (EMA) and positive entries into Bitcoin ETFs.
Ethereum and Altcoins
Rajagopal Menon, Vice President of WazirX, highlights the bullish trends in the crypto market, especially for Ethereum. “Ethereum continues to fluctuate around its 50-day EMA, which is a strong support level. Technical indicators are showing positive signs, with the Stochastic indicator starting to overlap positively, indicating a potential uptrend.”
Menon also highlights that Bitcoin is testing a crucial resistance level at $69,110.00. “A violation of this level could propel Bitcoin higher, with initial targets set at $70,645.00 and potentially extending to $73,800.00. The bullish outlook for Bitcoin remains intact as long as it remains above of $67,080.00,” he said.
Market structure
Institutional interest in Bitcoin is increasing. The CoinSwitch Markets Desk reports that Bitcoin has stabilized around the $69,000 mark, and the market structure is ready to take another step towards its all-time highs. Ethereum also found its base at $3,800, with minimal selling pressure expected since ETH ETF trading is expected to begin later this month.
According to the CoinSwitch Markets Desk, the US state of Wisconsin’s investment in Bitcoin demonstrates growing institutional interest. Wisconsin has invested a small portion of its pension fund in Bitcoin and is expected to increase its exposure through spot Bitcoin ETF products. Currently, this represents 0.1% of its $156 billion in assets.
The upcoming Federal Reserve policy meeting is a focal point for the crypto market. Analysts say potential Fed rate cuts in the coming months could further boost the market. “The anticipation of stable interest rates contributes to the current optimism in the crypto market,” says Menon. Investors are hoping that these macroeconomic factors will continue to push the market higher.