Bitcoin Price Prediction 23 May: BTC Struggles at the $70,000 Resistance – What’s the Next Level to Watch?
Bitcoin (BTC) is currently navigating resistance around $70,000. Starting the week bullish, BTC peaked at $71,957, gaining 13% over the past seven days. The rise was driven by inflows into Bitcoin spot ETFs and optimism for Ethereum spot ETF approval by the SEC.
U.S. bitcoin spot ETFs have seen remarkable success, particularly BlackRock’s IBIT, which captured 94.86% of recent inflows, totalling $280 million out of $305.7 million. This fund now holds nearly 282,000 BTC, closely rivalling Grayscale’s Bitcoin Trust.
The Spot #Bitcoin ETF had a net inflow of $305.7 million yesterday! pic.twitter.com/sOLSEfXjPY
— Josh (@CryptoWorldJosh) May 22, 2024
The success of BlackRock’s IBIT and the rising institutional interest in bitcoin ETFs indicate growing confidence in cryptocurrency, likely boosting BTC demand and positively impacting the broader crypto market.
In Hong Kong, Ethereum ETFs are gaining traction, with ChinaAMC’s ETF surpassing 5 million HK dollars in inflows after a surge on Tuesday. Harvest Global, Bosera, and HashKey Capital also saw success, with higher trading volumes and price increases of over 18%.
Hong Kong Ether ETFs Hit Record Daily Inflow
ChinaAMC’s spot Ether ETFs in Hong Kong saw inflows exceed HK$5 million by midday Wednesday amid speculation about U.S. approval of similar products. ChinaAMC, a… https://t.co/3E3JdjUwMQ #Chinaamc #Cryptocurrency #EthereumETFs
— CoinXposure (@CoinXposure) May 22, 2024
The success of Ethereum ETFs in Hong Kong and the anticipated SEC decision on Bitcoin ETFs highlight growing investor interest, likely boosting demand and positively impacting BTC and the crypto market.
Analyst Kaleo predicts the true bull cycle for cryptocurrencies is yet to begin, with Bitcoin currently in an
