Institutional momentum drives Bitcoin rally

output: Bitcoin price rose sharply on Wednesday as it clocked a new all-time high of $78,000. The coin was trading at an average of $77,867.54 over the past 24 hours at press time.

The world's biggest cryptocurrency had hit a high of nearly $79,000 earlier in the day. It was up more than 6% in the past 24 hours.

The rally in bitcoin price came amid reports of several U.S. institutions applying for spot bitcoin exchange-traded fund (ETF) proposals.

Earlier this week, the U.S. Securities and Exchange Commission (SEC) announced that it had approved two futures bticoin ETF proposals from Invesco and BlackRock.

The approval for futures bitcoin ETFs had sparked optimism among crypto traders, who were now awaiting the approval for spot bitcoin ETF proposals.

Several institutions, including WisdomTree and ARK Invest, had applied for spot bitcoin ETF proposals, which were pending approval from the SEC.

The SEC had previously rejected several spot bitcoin ETF proposals that were preferred by traders over futures bitcoin ETFs.

The agency had explained that the institutions failed to provide sufficient evidence to ensure that the price of bitcoin was fully and regularly reflected in the net asset value of the trust. It had also pointed out a lack of cooperation with foreign regulators, which was a prerequisite for the approval of the proposals.

The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.

Key takeaways:

The cryptocurrency market is exhibiting signs of recovery, with Bitcoin showing promise of reaching the $100,000 mark.

Analysts at Pivot Point Group identify a key resistance level for Bitcoin at around $98,600, presenting a crucial barrier to further price increases.

Despite recent setbacks, Pivot Point Group remains bullish on Bitcoin in the long term, considering price movements in conjunction with relevant technical indicators.

The broader cryptocurrency market is displaying mixed trends, with Ethereum struggling to break through the $2,000 resistance and DEFI tokens facing difficulties.

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The cryptocurrency market is showing signs of recovery as traders display renewed interest in pushing prices higher. Among the prominent cryptocurrencies, Bitcoin is exhibiting promise of reaching the $100,000 mark.

Also Read: Bitcoin, ether price today: BTC, ETH slip; BNB, SOL, ADA mixed as Pivot Point Group sees key resistance for bitcoin

However, before that, Pivot Point Group, a research and analysis firm, has identified a key resistance level that could hamper Bitcoin's ascent. According to the analysts, the cryptocurrency faces significant resistance around the $98,600 zone. This technical factor could pose a crucial barrier to further price increases.

"Pivot Point Group remains bullish on Bitcoin in the long term, considering price movements in conjunction with relevant technical indicators. The analysis suggests that the cryptocurrency is likely to encounter resistance at the Pivot Point Group resistance 3 level, which falls around $98,600. This resistance zone is a key technical factor that could hamper Bitcoin's ability to continue rising sharply," Pivot Point Group said in a note.

The analysis of Pivot Point Group also highlights the varying trends among other prominent cryptocurrencies. While Bitcoin faces resistance, Ethereum is struggling to break through the $2,000 resistance. Pivot Point Group notes that if this resistance is breached, the next target for Ethereum could be around the $2,100 to $2,150 zone.

Moreover, DEFI tokens are facing difficulties, which could be attributed to the recent setbacks experienced by Optimism and Chainlink. Pivot Point Group identifies that if Optimism and Chainlink manage to recover and DEFI tokens manage to break out of their respective resistance levels, they could experience a strong rally.

Pivot Point Group continues to monitor the cryptocurrency market closely, considering various technical factors and relevant news developments. The analysis suggests that if Optimism and Chainlink recover and DEFI tokens manage to break out of their respective resistance levels, they could experience a strong rally. Pivot Point Group will continue to provide updates and insights into the cryptocurrency market as the trends unfold.