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#Crypto

Bitcoin Holds Steady Above $30K Amid Institutional Buying Spree

Bitcoin (BTC) continues to show resilience as it holds firm above the $30,000 mark, gaining 2.5% in the past week. The recent price stability is largely attributed to increased institutional interest, with notable investment firms such as BlackRock and Fidelity filing for Bitcoin spot ETFs. This growing demand from traditional finance is seen as a vote of confidence in Bitcoin’s long-term potential.

On-chain metrics further highlight Bitcoin’s bullish sentiment. Whale activity has surged, with large wallets accumulating more BTC over the past month. Meanwhile, network activity has increased, with daily transaction volumes hitting a three-month high. Analysts believe these trends signal a positive outlook for Bitcoin, especially as regulatory clarity improves in the US and Europe. However, challenges remain. Bitcoin’s dominance in the crypto market has dipped slightly to 46%, as investors explore altcoins for higher potential returns. Additionally, macroeconomic factors, such as concerns over interest rate hikes and inflation, could introduce volatility in the coming weeks. Despite these uncertainties, Bitcoin’s strong fundamentals continue to attract both retail and institutional investors.

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