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Bitcoin Price Prediction as BTC Dips Below $70,000 – Time to Buy?

Arslan Butt
Last updated: | 4 min read
Bitcoin Price Prediction
Bitcoin Price Prediction

Amid fluctuating markets, Bitcoin dips below $70,000, spotlighting debates on its future price. U.S. and U.K. sanctions against Gaza Now’s crypto operations underscore ongoing regulatory scrutiny, possibly influencing Bitcoin’s trajectory.

Meanwhile, BlackRock’s bullish stance and the success of its Bitcoin ETF highlight growing institutional interest.

Casa’s new inheritance solution for Bitcoin ensures secure asset transfers, enhancing trust in cryptocurrency as a long-term investment amidst evolving regulatory and market landscapes. Let’s take a look at intraday Bitcoin price prediction

The US and UK Sanction Crypto Addresses Linked to Gaza Group

The United States and the United Kingdom have imposed sanctions on crypto addresses associated with ‘Hamas-aligned’ Gaza Now and its founder, Mustafa Ayash. These measures come in response to Hamas’ fundraising activities following the October 7 incident in Israel.

Despite Gaza Now’s effort to raise funds through cryptocurrency, contributions remained low, with only $21,000 received post-attack.

Data from Elliptic and TRM Labs indicates that most crypto donations to such groups are under $500.

While these developments spotlight concerns over the use of digital currencies for terrorist financing, they’re unlikely to directly affect Bitcoin prices.

However, they could lead to heightened regulatory scrutiny and demands for tighter controls on crypto transactions, potentially impacting investor sentiment and broader crypto adoption.

Key Points:

  • US and UK sanction crypto addresses linked to Gaza Now and Mustafa Ayash.
  • Following the October 7 incident, only $21,000 in crypto donations were received.
  • Increased regulatory attention on crypto transactions may affect investor sentiment.

BlackRock’s Bitcoin ETF Surges to $17 Billion under CEO’s Bullish Outlook

Larry Fink, the CEO of BlackRock, expressed a “very bullish” stance on Bitcoin, coinciding with the firm’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), amassing over $17 billion in assets.

Highlighting its rapid success, IBIT garnered $13.5 billion within just 11 weeks, surpassing Fink’s expectations and underscoring significant retail interest.

This growth not only contributes to a more liquid Bitcoin market but also solidifies IBIT’s position as a major player, second only to Grayscale in Bitcoin ETF holdings. The recent approval of Hashdex’s spot Bitcoin ETF further energizes the competitive sphere.

Fink’s announcement is a positive indicator of growing institutional engagement in Bitcoin, potentially buoying BTC prices as more investors turn to regulated avenues for cryptocurrency investment.

Key Takeaways:

  • BlackRock’s CEO Larry Fink is “very bullish” on Bitcoin, with the firm’s ETF crossing $17 billion.
  • The iShares Bitcoin Trust (IBIT) quickly amassed $13.5 billion, highlighting strong retail demand.
  • Growing institutional interest and the competitive ETF market may positively impact BTC prices.

Casa Unveils Inheritance Solution for Secure Bitcoin and Crypto Transfers

Casa, renowned for its Bitcoin self-custody services, has launched an innovative inheritance feature, making the transfer of digital assets seamless for users post-mortem.

This strategic move targets the often overlooked complexity of cryptocurrency inheritance, ensuring users can securely manage their Bitcoin, Ether, Tether, and USD Coin holdings with ease.

By nominating beneficiaries for their token vaults, Casa’s users pave the way for a smooth transition of assets upon their demise. Beneficiaries, in turn, are required to establish a Casa account, import encrypted keys, and request access, facilitating a secure asset transfer process.

Casa’s introduction of a five-key vault further bolsters this security framework. This initiative not only enhances trust in self-custody solutions but also potentially attracts more investors to the cryptocurrency space, alleviating concerns over asset succession and contributing to a more robust and accessible digital economy.

Key Highlights:

  • Casa introduces a cutting-edge inheritance tool for Bitcoin and crypto assets.
  • Simplifies the transfer of digital assets to nominated beneficiaries, enhancing security and ease of access.
  • Promotes a more resilient and inclusive cryptocurrency economy by addressing asset inheritance concerns.

Bitcoin Price Prediction

Bitcoin (BTC/USD) exhibits a promising outlook, momentarily trading above the pivotal $68,558 mark, suggesting a bullish momentum.

The cryptocurrency faces immediate resistance at $71,677, with subsequent thresholds at $73,383 and $75,692 potentially capping gains. Support levels at $66,844, $63,820, and $60,763 offer a safety net against downturns.

Bitcoin Price Prediction
Bitcoin Price Prediction

The Relative Strength Index (RSI) at 56 and a bullish engulfing candle on the 4-hour chart bolster the potential for upward movement, especially if Bitcoin sustains above the $68,500 benchmark.

However, slipping below this critical level could precipitate a significant sell-off, marking a crucial juncture for Bitcoin’s near-term trajectory.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.