Home » News Bitcoin » Bitcoin targets $74,000: Increased demand drives BTC price higher
Falling US inflation data and increasing institutional demand for risky assets could push the price of Bitcoin (BTC) at $74,000 in the next weeks.
News Bitcoin: the conditions for the restart are all there!
Yesterday, the US consumer price index (CPI) for March rose 0.3%, below the expected 0.4%, triggering a significant upside for Bitcoin. This move allowed Bitcoin to reclaim the $66,000 level for the first time since April and make its biggest one-day gain since March. This upward momentum, combined with traditional financial demand, could bring Bitcoin back to the March record of $73,700.
Millennium And Schönfeld, Major asset managers have shown growing interest in the largest cryptocurrency by investing in spot Bitcoin ETFs. From this point of view, analysts have highlighted that these asset managers have allocated approximately 3% to 2% of their assets under management (AUM) in spot Bitcoin ETFs.
Numerous documents revealed that major funds, including Millennium Management and Elliot Capital, held significant amounts of Bitcoin spot ETFs in their portfolios. This indicates a notable increased institutional interest in Bitcoin. The on-chain analysts they noted that selling pressure from short-term investors has eased. Short-term Bitcoin investors sell at near-zero profits and have exhausted their unrealized profits in recent months.
Bitcoin price analysis
The recent increase in price of Bitcoin It follows weeks of low volatility, in which the market remained between $60,000 and $70,000. While the expected increase did not materialize in April due to a lack of market catalysts, recent weaker CPI data has increased upside momentum for Bitcoin, altcoins and other risky assets.
Furthermore, a greater risk appetite for token bets has emerged, partly influenced by recent individual investor activity Keith Gill. Known for his role in the 2021 GameStop short squeeze, Gill posted on the popular social media platform X for the first time in three years. Gill’s post caused fluctuations in memecoin shares, signaling potential market volatility in the coming months.
The BTC market then it continues to strengthen, having surpassed the crucial $60,000 level. Ultimately, this is a market that I think will see strong consolidation overall, with an upward bias. Bitcoin rallied a bit during the early hours of Thursday that’s true, but right now, I think there is a situation where traders will continue to look at it as a buy on the downside moves. The 50 day EMA underneath, of course, is an area that would be quite supportive.
I think the $60,000 level underneath continues to serve as massive support as it is a round and psychologically significant number, and I think it is also possible that the market extends its support all the way to the swing low, which was a little bit higher. Neighbor at the $57,000 level.
Graduated in Literature and Philosophy, I have been a copywriter and editor of blogs on various topics for years. Among my passions are the world of cryptocurrencies and the development of the digital market.
