Bitcoin price retested the important resistance point at $69,000 for the first time in over a week as investors embraced a risk-on sentiment and after Emory University bought spot ETFs. BTC soared to $69,300 as bulls attempted to retest the key psychological point at $70,000.
Emory University buys Bitcoin ETFs
An important Bitcoin news came from Emory University, which revealed that it had acquired Bitcoin ETFs worth over $15.8 million. According to Eric Balchunas, the head of ETF coverage for Bloomberg, all institutions, including banks, hedge funds, and pension funds were now investors in Bitcoin ETFs.
Emory University is one of the top American universities in terms of rankings and endowments. It has over $11 billion in endowment funds, which it has invested widely across stocks and bonds.
Recent data shows that many top hedge funds, including Ken Griffin’s Citadel and Izzy Englander’s Millenium Management, had invested in spot Bitcoin ETFs. Altogether, spot Bitcoin ETFs now hold over $61.9 billion in assets.
These investors have allocated cash into Bitcoin because of its long track record of beating traditional assets like stocks, bonds, and commodities. For example, Bitcoin is up by over 60% this year, while the Nasdaq 100 and S&P 500 indices rose by about 25%.
Bitcoin is also rising after the Donald Trump rally at the Madison Square Garden, which had top celebrities like Hulk Hogan, Elon Musk, and Tucker Carlson. This rally was notable because of the attendance and the fact that it was in New York.
At the same time, the odds of Donald Trump winning the next general election have continued rising on Polymarket. He now has a 66% chance compared to Kamala Harris’s 34%, her lowest level on record. Trump is seen as a better candidate for Bitcoin and the crypto industry.
Meanwhile, Bitcoin’s rally happened after the weekend’s Iran’s attack by Israel, which was seen as being a more modest response. The Dow Jones, S&P 500, and NASDAQ 100 indices rose by over 0.65%, while crude oil retreated.
Read more: Bitcoin Déjà vu? Bernstein Predicts BTC to Surge by 200%
Bitcoin price forecast
BTC chart by TradingView
The daily chart shows that the BTC price has held steady in the past few days and is hovering at the descending trendline shown in blue. A break above that point will point to more gains as bulls target the key resistance level at the all-time high of $73,800. According to one analyst, a move above that level will point to more gains at $81,200.
Additionally, Bitcoin has formed a golden cross as the 50-day and 200-day Weighted Moving Average (WMA) have crossed each other. The MACD and the Relative Strength Index (RSI) have all pointed upwards.
Therefore, the coin’s path of least resistance is bullish ahead of the US general election next week.
Read more: Bitcoin Price Prediction as Famous Billionaire Remains Bullish
