Here’s Why the Bitcoin Price Is Stuck Despite ‘Massive Opportunity’
The bitcoin price is little changed over the past 24 hours as traders and investors decide which way they want to go. Over the past seven-day stretch, the bitcoin price has popped 2% while it’s up a greater 10% since its bottom in the month of March. While bitcoin might be playing it safe today […] The post Here’s Why the Bitcoin Price Is Stuck Despite ‘Massive Opportunity’ appeared first on 24/7 Wall St..
The bitcoin price is little changed over the past 24 hours as traders and investors decide which way they want to go. Over the past seven-day stretch, the bitcoin price has popped 2% while it’s up a greater 10% since its bottom in the month of March. While bitcoin might be playing it safe today while the rest of the cryptocurrency market follows its lead, it could be only a matter of time before it breaks out again. According to Ripple CEO Brad Garlinghouse, the blockchain company behind the XRP crypto, the market opportunity for the crypto market is huge.
Garlinghouse, whose company Ripple was just released from the U.S. SEC’s lawsuit, is cited by Fox Business as saying, “The market opportunity here is massive.” He pointed to trillions of dollars “flowing cross-border globally” that’s still dominated by the Swift payment rails. He said the biggest hurdle has been the securities watchdog, aka the SEC, but now the adoption of these technologies is happening. Garlinghouse also believes that crypto is poised to “unlock the U.S. market” amid some political tailwinds.
Key Points
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Brad Garlinghouse reportedly believes the opportunity in crypto is “massive.”
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Blockchain technologies are being adopted amid political tailwinds.
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Trading Trends
From a technical standpoint, Bitcoin also appears to be setting itself up to potentially break out, at least if you ask Michael Saylor. The bitcoin bull, who also founded MicroStrategy (Nasdaq: MSTR), identified a technical trend in which the bitcoin golden cross has appeared. This happens when a asset’s 50-day moving average surpasses its 200-day moving average. Bitcoin has done this before, and the results have been impressive.
After the bitcoin golden cross of 2016, the BTC price rallied 139%, Saylor noted. The same setup led to a whopping 2,200% rally the following year. In 2020, another bitcoin golden cross emerged for a 1,190% advance. Now the 2025 bitcoin golden cross has arrived, and Saylor and his company are betting big.
Could the bitcoin price be gearing up for its next big move? Companies like GameStop and MicroStrategy seem to think so and have been buying up BTC for their balance sheets. Whether or not bitcoin is undervalued at current levels remains to be seen, but by way of comparison, the gold price has been hitting new highs during these uncertain economic times, climbing above the $3,050 level and rising.
Now What?
With all of these bullish catalysts, bitcoin appears to be stuck in a tight trading range since reaching the $91,000 level in early March. It now hovers below the psychologically sensitive $90,000 level. If Saylor’s technical analysis holds, it could be just a matter of time before bitcoin, XRP and the broader cryptocurrency market ignite the newest wave of FOMO.
The post Here’s Why the Bitcoin Price Is Stuck Despite ‘Massive Opportunity’ appeared first on 24/7 Wall St..
