The bull run thanks to halving or the Bitcoin ETF? – Halving reduces the rewards for Bitcoin miners. While some believe that halving is what sends cryptocurrencies into bull runs, others think that the trigger could be something different. This is the case of the experts at Bernstein, who believe that it is the acceptance of a Bitcoin ETF that will get crypto back on track. For the moment, the Bitcoin price is stagnating above $29,000. While volatility is very low, institutional investors seem to be changing their behavior.
Bitcoin price falls slightly in 24 hours
Bitcoin has yet no clear direction for the time being. The Bitcoin price is stabilized above $29,000and posted a slight fall in 24 hours :
In one week, the share price down nearly 2%.. In one month, the down nearly 4%.. However, in three months, the price is up up nearly 7%.. The BTC/ETH pair has stagnated for a week and shows a 1.5% increase in one month.
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Institutional investors return to Bitcoin
While institutional investors had been abandoning Bitcoin for several weeks in favour of altcoinsthe situation seems to be changing. Is the Bitcoin craze back on track? According to the CoinShares report Bitcoin records inflows of $27 million :
For the time being, there has been no acceptance of Bitcoin ETFs which might have explained the return of institutional infatuation. It would appear that operators are reassured after the announcement of US inflation figures, which came in below expectations.. In fact, a rate hike in September seems unlikely. Bitcoin isn’t the only one seeing inflows, as are Ethereum (ETH), Solana (SOL), Litecoin (LTC) and XRP.
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Bitcoin price could return to support at $28,500
Bitcoin is currently unable to get back above the resistance at $29,800. The price is falling slightlyand closing below the last low at $29,090 would be a sign of fever :
If this scenario unfolds, the price could return to the level of support at $28,500. This support must be defended to avoid the risk of a new downtrend which could bring the price back to 27 000 $. For the moment, the share price is in a range between resistance at $29,800, and support at $28,500. The RSI is back at the bullish trendlinea rebound must occur here for the buyers to maintain momentum.
After the US inflation figures, it would seem that institutional players are reassured, and are once again interested in risky assets like Bitcoin. CoinShares’ weekly report shows inflows of $27 million into BTC. Technically, the price needs to take back the $29,800 level as support to avoid a return to $28,500 or even $27,000.
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