- Bitcoin sees a 6.3% uptick, propelled by massive liquidations by FTX and Alameda Research.
- Franklin Templeton joins the Bitcoin ETF arena, adding credence to BTC’s bullish trend.
- Market watchers eye CPI data, as higher inflation could impact Bitcoin’s market trajectory.
Amid heightened market volatility, Bitcoin once again emerges as an intriguing narrative. Propelled by a colossal liquidation undertaking by FTX and Alameda Research, the cryptocurrency manifested a striking over 6% surge, solidifying at a crucial $25.9K support level.
Institutional players are amplifying this wave; Franklin Templeton recently filed for a Bitcoin ETF, aligning its strategy with industry behemoths like BlackRock and Ark Invest.
As if scripted, the market holds its breath for the upcoming Consumer Price Index (CPI) data. With predictions of a 0.6% month-over-month increase, the outcome could either fortify or disrupt the U.S. dollar and, by extension, Bitcoin’s market stance.
Yet, there’s no dismissing the technical indicators. Despite a foreboding daily death cross, Bitcoin exhibits a rising divergence in its Relative Strength Index (RSI).
This buttresses the prevailing sentiment among experts that Bitcoin could indeed extend its climb to $27K, notwithstanding impending bearish pressures.
Let’s be clear: Bitcoin is not just navigating the waves; it’s preparing to make its own. With institutional backing and solid technicals, Bitcoin is not just a speculative asset but an emerging financial cornerstone.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
