Image Source: Unsplash
 

Bitcoin Rally Approaching Key Level

The rally in Bitcoin continues to gather pace today with the leading crypto coin now back up to levels not seen since November 2021. BTC futures have now risen more than 40% off the YTD lows as demand soars in the wake of the SEC approving spot-Bitcoin ETFs. The approvals have opened up BTC investing to institutional demand which had previously been unable to participate in the sector. Despite the initial correction in January, fuelled by legacy investors cashing in on their holding, as well as the FTX bankruptcy sale, supply/demand has since shifted firmly back in favor of higher prices.

There have been plenty of mentions recently of BTC whales adding bullish positions. Indeed, this week the market has been lifted by news that software firm and crypto investor MicroStrategy had purchased 3000 BTC units for $155 million. Additionally, Reddit noted that it had invested some of its excess cash reserves in BTC.
 

Bullish Sentiment Growing

With whales and other key names piling cash back into BTC ahead of the April halving event, Bitcoin prices look likely to continue higher near-term. The question is whether the rally will continue post halving or if it will be a case of buy the rumor sell the news. With bitcoin supply dwindling and recent ETF approvals fuelling a surge in demand, there is a strong case for the rally continuing this year with some commentators calling for the $100k mark by year end.
 

Technical Views

BTC

(Click on image to enlarge)

Zooming out onto the weekly chart we can see that BTC is fast approaching a test of the next key resistance area just ahead of the $60k mark. With momentum studies bullish, the outlook remains in favour of a continuation higher for now. A break above this resistance opens the way for a move up to test the all-time highs around $65053 next. 

More By This Author: