Bitcoin Targets $70,000: Selling Pressure Easing!

Even though the Bitcoin (BTC) price recently dropped by 7.8 percent to test $60,000, the bull run is not over.

Institutional investors are playing a significant role in Bitcoin’s upward momentum, signaling a rally towards $70,000. According to data from Glassnode, Bitcoin exchange-traded funds (ETFs) now hold more than $58 billion worth of BTC. This volume accounts for about 4.6 percent of Bitcoin’s circulating supply, indicating strong demand for regulated exposure to the cryptocurrency.

Institutional demand suggests that large-scale investors see Bitcoin as a viable and valuable asset. As these investors continue to accumulate BTC through ETFs and other regulated vehicles, the bull run will strengthen. Thus, we could see a move towards $70,000 in BTC.

Bitcoin’s macro outlook looks favorable for a possible price increase. The net realized profit/loss indicator, which tracks investor sentiment and behavior, recently fell, signaling that profit taking is slowing down. This change indicates that selling pressure is easing and Bitcoin’s price could rise. With institutional demand remaining strong and selling pressure easing, BTC could start a new bull run.

In addition, the upcoming ADB presidential elections will be decisive. If Donald Trump is elected president, cryptocurrencies could see sharp increases. If Kamala Harris is elected, a more volatile environment will emerge.

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