Bitcoin (BTC) To Hit $30K As Early Signs Of Institutional Buying Appears
Multiple Bitcoin exchange-traded funds (ETFs) including ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin Strategy ETF (BTF) jumped 5% in pre-market hours on Tuesday.
The significant rise in Bitcoin ETFs prices generally indicates institutional buying. Institutional investors are onboarding Bitcoin ETFs in anticipation of an upcoming rally in BTC price.
Institutional Investors Flock to Bitcoin ETFs
Early signs of Bitcoin institutional buying were recorded again after several weeks of outflows since March. The year started with institutional investors, miners, and retail investors jumping to buy BTC and other cryptocurrencies. However, the BTC price rally faded due to regulatory challenges, lawsuits, and macro factors.
With President Joe Biden and Republicans reaching a two-year deal to raise the debt ceiling, Bitcoin and stock markets reacted positively as a possible financial crisis is averted. Biden and House Speaker Kevin McCarthy remain optimistic about completing the deal days before the US Treasury runs out of money.
As a result, Bitcoin, tech and crypto stocks started to rise as the deal will cap some government spending and scrap a 30% tax on Bitcoin mining.
During the pre-market hours on May 30, Bitcoin ProShares Bitcoin Strategy ETF (BITO) jumped 5% to $16.19 and Valkyrie Bitcoin Strategy ETF (BTF) also rises 5% to $10.87. Crypto shares are bullish, including Coinbase (COIN) up 4%, Marathon Digital at 7%, and Riot Blockchain rose 7%. Other crypto stocks are also trading higher in pre-market hours.
Also Read: Binance Expands Support For Cardano (ADA) And Litecoin (LTC)
BTC Price To Hit $30K
The US 10-year Treasury yields fell to 3.73% on Tuesday after rising last week. The US dollar index (DXY) fell below 104 after hitting 104.50 today. The stock market will open in green amid rise in several AI-related and crypto stocks.
BTC price jumped 2% in the last 24 hours, with the price currently trading at $28,034. The 24-hour low and high are $27,563 and $28,044, respectively. Furthermore, the trading volume remains lower in the last 24 hours as traders await clear signals. Fresh institutional buying will likely push BTC price above $30,000.
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