Bitcoin Rises as BoA Begins to Advise Clients to Buy Crypto
Bitcoin (BTCUSD) climbed by about 1.4% to $92.522K in the cryptocurrency market in the last 24 hours, outpacing the broader crypto market’s +1.05% gain.
The key driver of its latest price momentum is investors returning to take positions by buying the dip in anticipation of price surge. The rally was supported by bullish technical, geopolitical event trading, and institutional demand signals.
BTC price is hovering at $92.5k on Monday, according to data from crypto exchange CoinMarketCap.com, with about 36% spike in trading volume valued at $33.57 billion.
The positive price movement lifted BTC market cap to $1.84 trillion, and market anticipate a move towards resistance level this week.
Technical trading data showed that Bitcoin broke above the upper trend line of a symmetrical triangle pattern, breaching resistance at $91,483. The Moving Average Convergence Divergence (MACD) histogram turned positive (+618.61), signalling accelerating upward momentum.
The world’s largest crypto asset, Bitcoin, briefly dipped below $90,000 after U.S. forces captured Venezuela’s president, then rebounded to $92,500 as traders bought the dip.
Bank of America’s (BoA) approval of Bitcoin ETF allocations for wealth management clients marks a pivotal shift, enabling advisors to recommend crypto exposure in traditional portfolios.
This follows Metaplanet’s 15% stock surge after expanding its BTC treasury. This signals growing institutional acceptance, potentially unlocking billions in sidelined capital. U.S. Bitcoin ETFs saw $119.5 billion asset under management (AUM) as of Jan 5, up from $116.87 billion yesterday.
Crypto analysts said increasing institutional participation and adoption into asset classes reduces systemic sell pressure while validating crypto as a strategic asset class.
While short-term profit-taking is possible near $93K, the alignment of on-chain stability and macro catalysts suggests bullish conviction. Technical traders see a confirmed uptrend, though profit-taking risks increase near Fibonacci resistance at $94K.
While bullish momentum persists, the market will continue to watch the $94K BTC resistance and whether ETF inflows offset January’s $5.5 billion token unlocks.
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