Bitcoin Climbs Toward $78K as Yuan Weakens, ETF Buzz Builds, and Mastercard Boosts Adoption
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Bitcoin is holding steady near $77,300 as optimism returns to crypto markets. A wave of bullish catalysts—including a proposed SUI ETF, the yuan’s depreciation, and Kraken’s new Mastercard partnership—are fueling renewed institutional and retail interest.
While the broader trend remains fragile, growing capital inflows and expanding use cases are offering short-term price support and hinting at a potential shift in sentiment.
SUI ETF Filing Signals Broader Altcoin Demand
The Cboe BZX Exchange has formally filed with the U.S. Securities and Exchange Commission (SEC) to list an ETF tied to Sui (SUI), the native token of the Sui Network. Issued by Canary Capital, the proposed fund would be the first U.S.-listed ETF offering direct exposure to SUI.
With a market cap nearing $6.5 billion and total value locked (TVL) of $1.1 billion, Sui is positioning itself as a serious contender in the altcoin space.
The move comes amid a surge in crypto ETF filings for assets like Solana, Litecoin, and XRP. Although institutional interest in altcoins is growing, analysts remain cautious.
“Demand will likely remain concentrated in Bitcoin and Ethereum products,” one market strategist noted. Still, the inclusion of altcoins in ETF proposals reflects a shift toward diversified crypto exposure.
- Cboe BZX files ETF application for SUI
- Market cap: ~$6.5B; TVL: $1.1B
- Part of a broader wave including Solana, XRP, and Litecoin
Yuan Weakness Spurs BTC Inflows
A weakening Chinese yuan may further support BTC demand. The currency has declined to its lowest level since 2023, as Beijing allows depreciation amid rising tariffs from the U.S. Former President Trump’s 104% tariff policy has intensified trade tensions, prompting capital outflows.
Ben Zhou, CEO of Bybit, said the falling yuan is “bullish for BTC,” citing increased crypto flows from Chinese investors seeking a hedge. Arthur Hayes, BitMEX founder, echoed the sentiment.
“There’s a growing appetite to exit the yuan for hard assets,” he noted. This dynamic could fuel sustained BTC inflows, especially if the yuan continues to weaken.
- Yuan hits lowest level since 2023
- Bybit sees increased BTC activity in China
- BTC emerging as hedge against currency devaluation
Mastercard and Kraken Expand Bitcoin Utility
In a milestone for crypto adoption, Kraken and Mastercard have launched a payments solution that enables BTC and stablecoin transactions at more than 150 million global merchants. Initially rolled out in the UK and Europe, the integration allows Kraken users to spend digital assets like fiat, both online and in-store.
The initiative builds on Kraken Pay, which has seen adoption from over 200,000 users. These new debit cards, supported by Mastercard’s infrastructure, will simplify real-world crypto usage. “This is a turning point for crypto as a medium of exchange,” a Kraken spokesperson said.
Key Takeaways:
- Mastercard and Kraken launch BTC payment cards
- Accepted by over 150 million retailers globally
- Expands Kraken Pay and mainstream crypto usability
Bitcoin Technical Analysis: Key Resistance at $78.5K
Bitcoin is hovering near $77,300, recovering slightly but still below key resistance at $78,500. The recent rejection from that level follows a breakdown from a symmetrical triangle pattern, with the broader trend tilted bearish. The 50-day EMA at $80,800 continues to cap gains.
RSI is climbing from 38, now around 42, but remains below the neutral 50 mark. A firm close above $78,500 could shift sentiment back to the upside.
Until then, immediate support lies at $74,400, with deeper downside risk toward $72,100 and $69,700 if bearish momentum resumes.
Bitcoin Price Faces Resistance at $81K as Bearish Pattern Pressures Bulls
On the charts, Bitcoin is facing stiff resistance at $81,800 after retreating from $83,800. The RSI near 43 signals fading bullish momentum. Key support lies at $78,000, with deeper risks around $74,400. A close above $81,600 would help bulls regain control—but for now, sellers remain in charge.
- Support at $78K; resistance near $81.6K and $83.8K
- Fidelity crypto IRAs target mass adoption
- BTC faces rejection at 50 EMA and ABCD top
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