Bitcoin Price Review: Wall Street Boosts Bitcoin Mining Shares Amid Improved Energy Outlook – Is Institutional Investment on the Horizon?

Bitcoin (BTC) maintained its upward trend, exceeding $67,000 during the early Asian trading hours. The total market capitalization of cryptocurrencies also increased, reaching $2.28 trillion with a 24-hour rise of more than 2%.

Multiple factors contributed to this increase, including heightened institutional interest in Bitcoin mining stocks, spurred by new energy regulations for data centers and the need for dedicated power generation. This escalating interest in BTC mining activities could further drive price growth.

Institutions are indeed going all in on $BTC, signaling a massive wave of bullish momentum!
Fidelity’s $FBTC acquired $239.3M worth of Bitcoin just yesterday.
Tokyo-based Metaplanet added another ¥1 billion in Bitcoin, raising their holdings to 855.4 $BTC.
… pic.twitter.com/iXJG6kEpkg

— Dark Horseman (@Dark__Horseman) October 15, 2024

Moreover, a DeFi project backed by Trump attracted attention with 100,000 sign-ups, while Vice President Kamala Harris’s dedication to establishing a legal framework for cryptocurrency has bolstered investor confidence, supporting Bitcoin’s optimistic outlook.

Institutional Interest in Bitcoin Mining Grows Amid Energy Mandates

Increasing institutional interest in Bitcoin mining is being driven by new energy mandates for data centers. Morgan Stanley has advised Chief Investment Officers (CIOs) to consider Bitcoin mining stocks, highlighting the growing need for self-sufficient energy infrastructures.

With data centers now mandated to produce their own energy, investments in natural gas and nuclear power are on the rise. This transition is anticipated to benefit Bitcoin mining operations, which depend on significant energy consumption to sustain blockchain networks.

#catnews #cryptonews Morgan Stanley urges CIOs to explore Bitcoin mining stocks amid rising energy prospects https://t.co/BwewlOYerS pic.twitter.com/uLuC74KfdJ

— DTM (@DerekTMcKinney) October 14, 2024

Additionally, the report highlights the connection between AI infrastructure and Bitcoin mining, both reliant on large-scale power. As energy policies progress, institutional interest in mining is expected to increase, potentially driving Bitcoin prices higher.

Bitcoin Surges as U.S. Candidates Show Support for Crypto

Conversely, Donald Trump’s strong endorsement of Bitcoin has enhanced market optimism. Trump intends to reduce regulations and establish a supportive framework for cryptocurrency, enabling Bitcoin to assume a more significant role in the U.S. economy. His commitment to promoting Bitcoin adoption could lead to elevated price forecasts, especially if he acts on his promises to position the U.S. as a frontrunner in the global crypto market.

Bitcoin Soars to $66K Amid U.S. Election, Set to Break $70K in Coming Weekshttps://t.co/hdRyUkWq0U#Bitcoinprice #TrumpvsHarris #USelections – #Cryptocurrency #News

— TNYR (@TNYR_News) October 15, 2024

As the U.S. presidential election nears, Bitcoin has drawn the attention of traders and analysts alike. Both leading candidates, Kamala Harris and Donald Trump, have voiced support for Bitcoin, creating a distinctive moment in U.S. politics.

This alignment could bolster investor confidence and promote wider acceptance of cryptocurrencies, particularly with Harris concentrating on regulatory frameworks that encourage financial inclusion for underserved communities.

Bitcoin Price Climbs Over $67000 as Bullish Momentum Grows

Bitcoin (BTC) is persisting in its upward movement, trading within a robust ascending channel, currently around $67,330. The bullish trend remains strong, supported by a bullish engulfing candle that indicates further upward potential.

Immediate resistance is positioned at $67,950, with subsequent resistance levels at $69,000 and $70,000. The pivot point, approximately $66,400, is currently providing solid support.

If BTC experiences a retracement, immediate support is at $66,400, followed by $65,220 and $64,420.

The RSI at 74.87 indicates that Bitcoin is nearing overbought territory, which may result in some profit-taking.

Nonetheless, the 50-day EMA at $63,740 continues to support the bullish outlook, providing dynamic support should any pullback occur.

Key Insights:

• Immediate Resistance: $67,950
• Support Levels: $66,400, $65,220
• RSI: 74.87, indicating overbought conditions

Overall, an upward channel is reinforcing Bitcoin’s bullish momentum. A breakout above $67,950 could propel BTC toward $69,000 in the near term, but traders should remain cautious of a potential pullback as the RSI approaches overbought levels.

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