Bitcoin Price Is Approaching Critical Resistance of $55,325 as Billionaires Convert from Nvidia to Crypto

Posted by cryptonews Crypto News September 9, 2024 2.2k Views

The price of bitcoin is getting close to $55,325—a crucial resistance level—as traders keep a close eye on market movements.

Due to the growth of Bitcoin ETFs, billionaires and hedge funds are starting to switch from tech stocks like Nvidia to Bitcoin.

Because of the increasing interest from institutions in Bitcoin, its price may rise, and the $55,325 resistance level is a crucial level to keep an eye on.

Suze Orman Recommends Owning Bitcoin — But Only What You Can Afford to Lose

Renowned financial expert Suze Orman suggests that everyone buy Bitcoin, but only with money they can afford to lose.

She thinks that as younger generations become wealthier, more people will be interested in Bitcoin, which could lead to a rise in price.

However, Orman doesn’t view Bitcoin as a future currency or a stable store of value like gold.

  • She prefers investing through a Bitcoin ETF for security.
  • Orman stresses the importance of caution, as Bitcoin investments carry significant risk.

Her endorsement could boost both demand for Bitcoin and investor confidence in Bitcoin ETFs.

Ripple CEO Highlights Japan’s Commitment to Crypto and Blockchain Innovation

At XRP Community Day, Ripple CEO Brad Garlinghouse met with Japanese lawmaker Taira Masaaki and commended the country for its progressive approach to blockchain and cryptocurrency regulation.

Garlinghouse recognized that Japan has well-defined policies that promote innovation while protecting consumers.

Supporter of Web3 and AI, Taira highlighted how blockchain technology could help Japan grow.

  • Ripple is expanding into Asia, with significant XRP holdings in Japan and South Korea.
  • Garlinghouse criticized U.S. SEC Chair Gary Gensler following a court ruling that XRP is not a security.

This push in Asia could drive more crypto investments and further boost market growth.

Billionaires Shift from Nvidia to Bitcoin as Hedge Funds Embrace Crypto

Billionaire investors are shifting their focus from Nvidia stock to Bitcoin in 2024.

Due in large part to the introduction of spot Bitcoin ETFs, which streamline cryptocurrency investments, half of the top 20 hedge fund managers currently own Bitcoin.

More than $20 billion has been invested in Bitcoin since January, mostly by hedge funds. Billionaires like Steven Cohen and David Shaw have sold their shares in Nvidia in order to purchase Bitcoin ETFs.

  • Bitcoin has gained 40% this year, while Nvidia is up 132%.
  • Wall Street now views Bitcoin as a distinct asset class with long-term growth potential.

This capital shift could boost Bitcoin demand and prices as more institutional investors follow suit.

Bitcoin Price Analysis: Key Resistance at $55,325, Bullish Breakout Possible

Right now, the price of bitcoin (BTC/USD) is $54,717, up 0.16% on the day. The price is still below the crucial $55,326 resistance level, which is in line with the declining trendline.

Should Bitcoin manage to rise above this point, higher resistance levels at $56,974 and $58,491 may be tested.

If we move lower, $53,275 is the next level of support, and we can move higher to $51,718 and $50,353. The 50-day EMA at $56,259 indicates a bearish trend, while the RSI is circling 45, indicating neutral momentum.

There is still a chance for the market to turn bearish below $55,325; however, a break above that level could change the outlook.

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