Bitcoin price aims to break its range resistance and hit a new all-time high. Will altcoins follow?
The bears’ failure to sink and sustain Bitcoin (BTC) below the psychological level of $60,000 seems to have attracted buyers who are trying to propel the price toward the range resistance. The current upmove does not guarantee a breakout from the range but reduces the possibility of a sharp correction in the near term.
Bitcoin’s recovery has boosted the daily volume in United States spot Bitcoin exchange-traded funds. Market research firm Santiment said in a X post that the volume of the seven largest U.S. spot Bitcoin ETFs surged to $5.65 billion, the highest since March 24.
Bitcoin ETFs have been a massive success, with 937 professional firms investing in them as of March 31, according to a X post by K33 Research senior analyst Ventle Lunde. The post added that professional investors acquired $11.06 billion of spot Bitcoin ETFs, amounting to 18.7% of the total assets under management.