#bitcoin continues its strong rally past $30,000 as institutional investors show interest and recognition in the leading crypto asset.
Bitcoin (BTC) ended a two-month downtrend as it approached $31,000 on Wednesday, before a slight pullback. Experts explain that this increase is the market's reaction to the discovery of Bitcoin ETF filings by giant financial institutions such as BlackRock and Wisdom Tree.
The #BTC price is up 22% from its mid-June bottom around $24,900 and more than 12% this week. The bullish momentum comes amid institutional investors showing growing interest and recognition in BTC. Furthermore, subsequent filings by two of the largest institutions underscore the recognition of Bitcoin's potential in the traditional financial sector. These applications acknowledge the need for regulated investment vehicles and could pave the way for wider adoption.
After surpassing the $30,000 mark, BTC is heading towards $31,000, attempting to reclaim its mid-April peak. A decisive close above $31,000 could pave the way for a 15% rally towards analysts' ambitious target of $35,000.
The relative strength index (RSI) pointing up indicates bullish momentum. Similarly, the steady rise of other indicators in positive territory shows that the bulls are leading the market.
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