Bitcoin’s price surged past the $42,000 barrier, reaching $43,838, breaking through resistance levels at $42,500 and $43,200.

Currently, the price is consolidating gains above the $42,500 resistance zone, although bears emerged after it hit the $43,800 mark.

In recent on-chain reports, Grayscale deposited 4,419 BTC ($191M) into Coinbase Prime, bringing their total to 124,081 BTC ($5.1B) since the ETF approval, with holdings of 490,398 BTC ($21.29B). 

Additionally, iShares (Blackrock) and Fidelity added 4,603 BTC ($199.55M) and 4,832 BTC ($209.44M) to their holdings, respectively.

Bitcoin Could Surge To $60,000, Following This Pattern

Analysis by Ali suggests that Bitcoin historically rebounds strongly after touching the mean MVRV pricing band during bull markets. 

This pattern is evident with the recent bounce from the mean MVRV at $40,500, potentially leading Bitcoin to surge to the 1.0 standard deviation line at $60,000.

During past bull markets, #Bitcoin rebounded strongly after touching the mean MVRV pricing band.

We’re witnessing a similar pattern now. With the recent bounce from the mean MVRV at $40,500, there’s potential for $BTC to surge to the 1.0 standard deviation line at $60,000! pic.twitter.com/mHXI5R3BSP

— Ali (@ali_charts) January 30, 2024

The influx of institutional investments, highlighted by Grayscale’s continuous deposits, underscores growing confidence in Bitcoin’s long-term prospects. 

As Bitcoin navigates key resistance levels, market participants closely monitor institutional activity and historical price patterns for potential bullish signals.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ January 31, 2024 4:15 pm