Bitcoin price rose on Quant Trading Company’s $1.3 billion BTC ETF purchase as analysts say it may be the best cryptocurrency to buy right now.

adminMay 10, 2024

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Bitcoin price fell 2.1% in the last 24 hours. Deal for $60,989 As of 7:30 a.m. EST, trading volume was down 14% to $20.7 billion.

Despite the slight decline, Bitcoin had a huge rally following the news that Susquehanna International Group had purchased 10 Bitcoin exchange-traded funds (ETFs) in the United States.

Susquehanna International Group, a quantitative trading firm with more than $400 billion in assets, said on May 7 that it had invested more than $1.3 billion in spot Bitcoin ETFs and more than $1 billion in Grayscale’s GBTC.

dot #Bitcoin ETFs Soar: Susquehanna Announces $1.3 Billion Investment
https://t.co/cqJQXoY6fm#BTC #BNB #Cryptocurrency News #USDT #Cryptocurrency #Bitcoin ETF pic.twitter.com/jROOc9525B
— Smith 💙 Eric (@SmithEric_121) May 8, 2024

This is the largest single ownership of a Bitcoin ETF known to date, highlighting the significant demand for Bitcoin ETFs among institutional investors.

Bitcoin Price Forms Bullish Pennant: Is Another Bull Market Near?

After a moderate decline, Bitcoin is rebounding significantly, suggesting that the last correction may have ended at the $57,514 support level. Traders should look for a continuation of the strength that could take the price back to all-time highs in the 74,000-80,000 range.

bitcoin price

BTCUSDT analysis. Source: Tradingview.com

A bullish pennant formation suggests that a continued upward trend is likely. This pattern indicates that the bullish momentum is likely to continue, leading to a price target above the previous all-time high of $73,737.

The price is currently trading below the 50-day simple moving average (SMA). However, the 200-day SMA provides immediate support, maintaining the overall bullish momentum. Further upside could be confirmed by the expected rally above the 50-day SMA and the upper trendline of the pennant.

Additionally, the relative strength index (RSI) rebounded from an oversold level of 30 to a moderate level of 50, indicating strong buying pressure. If momentum continues to increase, RSI may enter overbought territory.

The moving average convergence divergence (MACD) indicator’s green bar and recent crossover above its signal line have strengthened confidence in the bullish sentiment for Bitcoin.

Bitcoin price bulls preparing for rally above bullish pennant

Bitcoin price could be on the verge of a bullish rally as traders took advantage of the presence of the bullish pennant to drive bullish momentum to a new high of $81,527.

However, if the downtrend continues, the price could fall within the pennant to $59,400. Further downside pressure could push it back towards the lower trend line at $57,514.

Given the uncertainty about BTC price direction, some investors may consider diversifying their portfolios. 99Bitcoin ($99BTC)The revenue-generating platform has soared to over $1.1 million in funds raised in pre-sales.

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99Bitcoins Presale Surpasses $1 Million: What’s the Best Cryptocurrency to Buy Now?

99Bitcoin is an education platform with over 2 million registered users for courses and 700,000 subscribers on its YouTube channel.

#Bitcoin Whale bought 47,000 $BTC Last week the price fell below $57,000, but it is now worth $2.7 billion. 🐳
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