Bitcoin Price Revisits 2023 ATH as U.S Investment Firms Enter the Crypto Market

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Bitcoin price is about to close in the first half of 2023 in a bullish outlook, which would signal the onset of the macro bullish sentiment. After briefly trading below $25k last week, Bitcoin price has gained more than 15 percent this week to trade around $30.3k on Thursday. While the altcoin market did not match the Bitcoin rally, the latter’s dominance rallied above 51 percent.

Bitcoin Whales on the Loose

Notably, Bitcoin whales increased their activity as the asset gained bullish momentum on Wednesday. According to on-chain analytics platform Santiment, Bitcoin whale transactions hit their highest hour in over 3 months, as 259 transactions exceeding $1 million occurred on the BTC network just 2 hours after its price exceeded $30.6k.

U.S Traditional Investment Firms Enters Crypto En Masse

After the United States SEC charged Binance with operating an illegal securities exchange, several traditional U.S companies -including Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial – have teamed up to launch a new crypto exchange dubbed EDX Markets. 

Elsewhere, BlackRock opened a new era of traditional investors tapping into the crypto market through a Bitcoin ETF application last week.

Having broken through major resistance levels including $29k and $30k, Bitcoin traders are now waiting for a blust off the $32k level. If this materializes, then Bitcoin traders expect the instrument to rally toward $45k or even $48k by the end of this year.