Bitcoin (BTC) is approaching a critical resistance level at $55,325, as investors are closely watching the market’s movements amid increasing shifts by billionaires and hedge funds from investing in tech stocks like Nvidia to investing in Bitcoin (BTC), driven by increasing investment volumes in Bitcoin exchange-traded funds (ETFs). This increased institutional interest in Bitcoin could push the price higher, making the $55,325 resistance level a key point to watch carefully.
Suze Orman Recommends Owning Bitcoin, But Only as Much as You Can Afford to Lose
Well-known financial expert Suze Orman advises everyone to own a Bitcoin balance that is worth no more than they can afford to lose, as she believes that as wealth is transferred to younger generations, the popularity of BTC will increase, which could drive up its price.
However, Orman does not view Bitcoin as a future currency or a stable store of value like gold.
- Orman prefers investing through a Bitcoin ETF because it provides a safety factor.
- Orman stresses the importance of caution, as Bitcoin investments are highly risky.
This positive stance from Orman could boost demand for the sector leader and boost investor confidence in Bitcoin ETFs.
Ripple CEO Highlights Japan’s Commitment to Supporting Crypto and Blockchain Innovation
Ripple CEO Brad Garlinghouse praised Japan’s open approach to regulating the blockchain and crypto sector, speaking during a meeting with Japanese lawmaker Taira Masaaki at the XRP Community Day. Garlinghouse praised Japan’s clear regulatory policies, which seek to balance encouraging innovation with protecting consumers. For his part, Taira, a supporter of Web3 and artificial intelligence, emphasized the growth potential that blockchain technology can provide for Japan.
- Ripple continues its expansion in Asia, with significant XRP holdings in Japan and South Korea.
- Garlinghouse criticizes SEC Chairman Gary Gensler over court ruling that XRP is not a security.
This opening towards Asia could lead to additional investments into the sector and further boost market growth.
Billionaires Shift From Nvidia to Bitcoin as Hedge Funds Praise Crypto Assets
Billionaire investors are starting to shift away from Nvidia stock and into Bitcoin in 2024, with half of the top 20 hedge funds now holding BTC. The shift was driven by the launch of spot Bitcoin ETFs, which have made investing in crypto easier.
Since January, more than $ 20 billion has flowed into Bitcoin, much of it from hedge funds, and billionaires like David Shaw and Steven Cohen have sold their Nvidia shares and moved to invest in Bitcoin ETFs.
- Bitcoin has risen 40% this year, while Nvidia stock has risen 132%.
- Wall Street investors now view Bitcoin as a standalone asset class with long-term growth potential.
This shift in venture capital could drive demand for Bitcoin and drive up its price as more institutional investors follow suit.
Bitcoin Price Analysis: Key Resistance Level at $55,325, Upside Breakout Possible
The BTC/USD pair is currently trading with a daily gain of 0.16% at $54,717, as the price remains below the major resistance level at $55,326 located along the downtrend line. If Bitcoin manages to break this level and consolidate above it, it may head to test the next resistance levels at $56,974 and $58,491. On the other hand, the nearest support level is at $53,275, followed by other levels centered at $51,718 and $50,353. The Relative Strength Index (RSI) is hovering around 45, indicating that the price action is not gaining momentum in either direction, while the 50-day Exponential Moving Average (EMA-50) line is at $56,259, indicating that the downtrend could continue. However, a break above $55,325 could turn the overall market outlook to More optimistic in the foreseeable future; otherwise, the risk of continuing the downward path remains.
