Bitcoin Price Prediction 23 May: BTC Struggles at the $70,000 Resistance – What’s the Next Level to Watch?

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Cryptonews2024/05/23 10:32

By:Arslan Butt

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.

BlackRock’s IBIT Leads Bitcoin ETF Inflows and Institutional Demand

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.

Fidelity’s FBTC also saw significant inflows.
Other bitcoin ETFs experienced no activity.
BlackRock’s IBIT is attracting 414 institutional investors, making it the fastest-growing ETF.

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.

Ethereum and Bitcoin ETFs Fuel Crypto Market Growth

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%.

US Market: Attention is on the SEC’s decision regarding spot Bitcoin ETFs.
Net inflows for these ETFs reached $306 million as of Tuesday.
Analysts have raised approval rates for VanEck’s spot Ethereum ETF from 25% to 75%.

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.

Kaleo’s Bullish Predictions for Bitcoin and Crypto Market

Analyst Kaleo predicts the true bull cycle for cryptocurrencies is yet to begin, with Bitcoin currently in an accumulation phase. He forecasts Bitcoin could reach $150,000 to $200,000, and Ethereum might surge to around $12,000.

Significant capital inflows are expected to ignite a frenzy in altcoins and decentralized applications.

Despite Bitcoin’s drop to around $69,000 and Ethereum at $3,737, Kaleo remains optimistic, suggesting substantial opportunities ahead.

This bullish outlook is likely to drive increased investor interest and capital inflows, potentially boosting prices across the crypto market.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is trading at $69,563, up 0.65%, signalling a bullish Bitcoin price prediction . The 4-hour chart shows a pivot point at $68,944. Immediate resistance levels are at $72,030, $73,734, and $75,480. Key support levels are at $67,549, $65,949, and $63,901.

Bitcoin Price Prediction 23 May: BTC Struggles at the $70,000 Resistance – What’s the Next Level to Watch? image 0

The RSI is at 55, indicating moderate momentum. The 50 EMA is at $67,532, supporting a slight bullish bias. Bitcoin’s trading above the $68,950 support level suggests a bullish outlook, with potential resistance around $71,000 and $72,000.

The formation of a doji candle followed by a bullish candle indicates exhaustion in selling pressure and the potential for upward movement.

Conclusion: Bullish above $68,950. A break below this level could trigger a sharp selling trend.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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