Bitcoin Reclaims $1 Trillion Market Cap: What’s In Store?

Earlier today, Bitcoin rose to its highest level since late February and regained its $1 trillion market cap. Recently, Bitcoin was unable to break key resistance at $50,000, as it failed to find support over its 50-, 100-, and 200-day SMA points on the 4-hour time frame. With continued institutional buying, however, Bitcoin was able to reclaim $53,600. While current price levels are still off all-time highs, it has mostly recovered losses from late February. Institutional Demand Continues Current sentiment appears to be very bullish, as more institutional players rush to add Bitcoin to their balance sheets and portfolios. Last week, Goldman Sachs announced that they were restarting their crypto trading desk due to increased demand from institutional clients. MicroStrategy recently added more Bitcoin to its balance sheet, spending an additional $10 million to buy 205 Bitcoins in a high-conviction crypto bet. Stimulus Package Gives Life to Rally Over the…

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