The Bitcoin price has experienced strong buying pressure, which is evident on the chart since the beginning of 2023, resulting in a 270% surge. Furthermore, on March 14th, 2024, the asset reached an all-time high of $73,810, but later it underwent a correction phase on the daily chart.
Since March, the BTC price has been trying to defend a key support level of $61,010. Yet, in the first week of May, the BTC asset price slipped below this crucial level, for instance, but the buyers were strongly able to regain the price above $61,010.
JPMorgan announces Holding of shares in multiple spot Bitcoin ETFs
JPMorgan Chase has invested in Bitcoin exchange-traded funds (ETFs) offered by Grayscale, ProShares, Bitwise, BlackRock, and Fidelity, according to a filing with the US Securities and Exchange Commission.
Largest US bank JPMorgan has disclosed to the SEC that it had purchased $760,000 worth of shares of spot #Bitcoin ETFs. pic.twitter.com/VEQoKWt0QY
— CILLIONAIRE.COM (@cillionaire_com) May 11, 2024
Tweet By Cillionaire.com | By X platform
In particular, the bank reported it held roughly $760,000 shares in the funds and 25,021 shares worth approximately $47,000 in Bitcoin Depot. The SEC approved the listing and trading of spot Bitcoin ETFs on US exchanges in January and is expected to decide on ether ETFs by 23 May.
What’s the Say On Volatility, BTC Price vs. Volatility Metric?
This chart demonstrates the contrast between the BTC crypto’s volatility and price movement. On evaluation, it exhibits that the Bitcoin crypto has witnessed remarkable growth in prior sessions around March 2nd, 2024.
BTC Price Vs. Volatility | By Santiment.com
However, afterward, the chart price indicated that it failed to jump the supply level and faced a massive decrease, and with that, volatility declined too. It is shown that the volatility is lower, and the Bitcoin crypto price is near the support, portraying stability in the price fluctuations.
Decoding Market Dynamics: Are Buyers Seeking New ATH in BTC?
As of press time, the assets’ price has traded at $60,957.01 on the daily chart, which has reflected an intraday gain of 0.12%. Besides, its market capitalization is $1.19 Trillion, with a fully diluted market cap of $1.27 Trillion. Its 24-hour trading volume stands at $26.12 Billion.
Concerning the daily chart, Bitcoin’s recent price is defending the major vital support level, and it has been trading at this level since the time of writing. However, the buying trend has been slowed from the $70,000 hurdle, forming lower lows and lower highs.
At the falling trendline, the BTC price has formed a bearish candlestick pattern. If sellers become interested, and the price falls below the significant support level of $61,000, selling pressure could cause it to drop to the 200-day EMA.
Most investors may decide to book profits if the asset price fails to defend the 200-day EMA, leading to strong selling pressure. Conversely, buyers may become interested if the Bitcoin crypto price triggers a breakout from the trendline and sustains it, leading to bullish momentum.
Assuming this buying momentum is supported by trading volume, buyers may aim for a new all-time high, and a long-term bullish trend may be expected.
BTC Price Overview | By TradingView
Based on the chart structure, the primary support level is $61,000, with another support level at $52,000. If the price gains bullish momentum, it could be interrupted near the $71,000 hurdle, with another resistance level at $80,000.
Summary
The Bitcoin price has experienced a surge of 270% since the beginning of 2023, reaching an all-time high of $73,810 on March 14th, 2024. It has been trying to defend a key support level of $61,010 since the start of March, slipping below it in the first week of May but recovering quickly.
JPMorgan Chase has invested in Bitcoin ETFs offered by Grayscale, ProShares, Bitwise, BlackRock, and Fidelity. The BTC asset price is currently trading at $60,957.01 on the daily chart, reflecting an intraday gain of 0.12%.
The major support level is $61,000, with another support level at $52,000 and resistance levels at $71,000 and $80,000.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
