Bitcoin $BTC has surged to $97,000, marking its highest level since late February, amid growing institutional interest in cryptocurrencies. Investment giants Morgan Stanley and Charles Schwab are making significant moves into the crypto space. Morgan Stanley is reportedly preparing to introduce spot cryptocurrency trading on its E*Trade platform, while Charles Schwab is also exploring crypto $ETH offerings.
These developments come as Bitcoin$BTC rebounds significantly, edging closer to the psychological $100,000 mark. The surge is further fueled by reports that Strategy (MSTR), the largest corporate bitcoin holder, plans to buy more via a $21 billion equity offering. These moves indicate a strong bullish sentiment in the market, with Bitcoin rising approximately 30% from April lows, showing signs of functioning as a safe haven during market volatility.
Technical analysis reveals that Bitcoin recently broke out from a descending channel and pennant pattern, signaling bullish momentum. Though RSI suggests strong price action, lower trading volume raises caution. Critical resistance levels lie at $100,000 and $107,000, while support levels to watch during pullbacks are $92,000 and $85,000. Investors are advised to monitor these points closely as Bitcoin potentially climbs toward new highs.