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Bitcoin (BTC) Reaches $35,000: Analyzing Institutional Support and Future Prospects

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Institutional Support for Bitcoin

Bitcoin (BTC) recently reached $35,000, which has sparked optimism in the cryptocurrency market. An analysis by IntoTheBlock, a cryptocurrency market data analysis platform, delves into Bitcoin’s on-chain metrics and highlights its immediate and long-term prospects. The report emphasizes Bitcoin’s resilience, which is supported by institutional support and strategic tactics.

Bitcoin after $35,000

Bitcoin has finally reached $35,000, a milestone not seen since May 2022. This achievement signifies the market’s strength, as Bitcoin has already experienced over 100% growth this year. Several factors, such as increased transaction volume and the emergence of instant Bitcoin ETF applications, contribute to the assessment that the cryptocurrency market may be entering a new phase.

Bitcoin Price Levels

Based on on-chain purchasing activity tracking data, important price levels that Bitcoin may target can be identified. The recent $35,000 mark represents the next resistance point, with 664,000 holders owning 340,000 BTC. If this level is surpassed, the next concentrated trading activity is expected to occur around $38,000 – $39,000. In the event of a correction, buying activity appears to be focused just above $30,000.

Biden’s Impact on Bitcoin

President Joe Biden is reportedly summoning technology executives to the White House to unveil new regulations. These regulations, if enacted, could have implications for the cryptocurrency industry. Bitcoin and cryptocurrency enthusiasts should closely monitor these actions, as they hold significance for the future of Bitcoin.

Visions of Arthur Hayes

Arthur Hayes, former CEO of BitMEX, offers a unique perspective on Bitcoin. He believes that Bitcoin indicates future growth, particularly as global conflicts and inflation persist. Hayes suggests that assets like Bitcoin and gold may benefit from these dynamics, especially during periods of global war-induced inflation.

Bitcoin Price Analysis

Currently, Bitcoin’s price is at $33,986, experiencing a 14% increase over the past seven days. With a circulating supply of 20 million Bitcoin and a market cap of $665,905,427,610, Bitcoin remains a promising investment. The Relative Strength Index (RSI) value of 83.7 suggests support around the $30,000 level, and if the positive momentum continues, Bitcoin is likely to target the resistance at $40,000.

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