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Bitcoin price is trading at $117,321, and its daily business volume is $49.4 billion. Its market capitalization stands at $2.33 trillion, showing resilience despite global volatility. The Federal Reserve cut the interest rate by 25 basis points, the first reduction since December.
Reduced interest rates make investors transfer capital to other assets. This change gave Bitcoin a new momentum and strengthened its position in the institutional portfolio. In the meantime, traders are still using macroeconomic indicators to guide them.
Another cultural event this week was a golden statue of Donald Trump holding a Bitcoin that was displayed near the Capitol of the United States. Despite being symbolic, the event highlighted the continued intertwining of politics, money, and memes within the digital asset market.
The Grayscale ETP, called as the Digital Large Cap Fund, was the first American multi-asset digital exchange-traded fund, which the US Securities and Exchange Commission approved. This fund includes Bitcoin, Ethereum, XRP, Solana, and Cardano, and investors can be exposed to it without having to manage digital wallets.
This is based on the success of spot Bitcoin ETFs approval and new listing rules on Nasdaq and NYSE Arca. The launch was a mainstream adoption milestone, as outlined by Grayscale CEO Peter Mintzberg. Analysts indicated that the action supports the position of Bitcoin against the top asset and opens the opportunity for the increase of altcoins.
To overcome its $1.3 billion yearly hydro debt, Laos is considering mining Bitcoin. The nation, also referred to as the battery of Southeast Asia, seeks to generate wealth by mining excess power.
In 2023, Laos had to pause new mineable projects after previously permitting mining in 2021 because of drought and grid pressure. Debt pressures are increasing, and the option is being reconsidered. Other countries, such as Bhutan and Ethiopia, have been observed using renewable energy for crypto mining.
On the four-hour chart, Bitcoin is in a rising wedge around $117,366. The 50-SMA at 116,000 and the 200-SMA at 113,243 are highly supportive.
Candlestick rejections at around $115,800 and the RSI at 59 indicate steady demand, but the momentum is not as strong as it was. A close above $117,978 would push the price to $119,287 or $120,298 or even test the $125,000 mark in the near future. A break below $116,000 may expose $114,400 and $113,200.
