Bitcoin’s rally above $79,000 may be a sign that the downtrend is ending, but a multi-day candle close above $80,000 would help strengthen the odds of a trend change holding.
On Thursday, Bitcoin (BTC) continued to wrestle with the $78,000 level as bulls attempted to cement their newfound hold over the market.
The convergence of an improving market structure, institutional investors’ fresh allocation to the spot ETFs and investors’ belief that the Senate will pass the CLARITY Act before the US mid-term elections provided the much-needed narrative catalyst the market had been waiting for.
On the institutional side of the market, fresh capital helped place strengthening support in the $68,000 to $70,000 price range. Spot Bitcoin ETFs have seen a $2.03 billion inflow in April; Strategy purchased 34,000 BTC for $2.54 billion; and Morgan Stanley’s newly launched MSBT BTC ETF took in over $153 million in its first two weeks of trading.
