Bitcoin News Today: Bitcoin Holds Above $118,000 Amid Global Adoption and Regulatory Clarity

Bitcoin (BTC) has experienced a period of consolidation, with its price hovering around $118,000 over the weekend. The cryptocurrency saw a sharp drop on Friday, falling to $117,877, and a marginal decline on Saturday. However, it has managed to stay above the $118,000 mark, indicating strong support at this level. As of the current session, BTC is marginally up, trading around $118,035.

Macroeconomic factors could potentially dampen the impact of Bitcoin halving cycles, according to Tim Draper, investor and founding partner of Draper Associates. Draper believes that the decline of the US Dollar and other macroeconomic drivers are influencing Bitcoin's volatility and bull cycles. He stated that investors are increasingly viewing Bitcoin as a hedge against fiat currency inflation, geopolitical tensions, poor governance, and a lack of trust in banking institutions. These factors are driving global adoption of the asset. Draper also noted that while halving cycles will still have an effect, the macro drivers pushing Bitcoin along will be a bigger deal.

Renowned author Robert Kiyosaki has revealed his plans to purchase more Bitcoin. Kiyosaki, known for his financial guide "Rich Dad Poor Dad," stated that he plans to buy one more Bitcoin as soon as possible, given its current price of over $117,000. He also mentioned that he would pause further purchases until he has a clearer understanding of the economy's direction. Kiyosaki acknowledged the temptation of Bitcoin's potential to reach $200,000 to $1 million but expressed caution about being overly greedy.

Bitcoin has entered a consolidation phase after reaching a new all-time high of $123,091 on Monday. Despite the pause in upward momentum, analysts point out that bulls remain in control, with several positive factors acting as bullish catalysts. Global crypto adoption is increasing, and the passage of key crypto bills offers regulatory clarity to the crypto space. Crypto analyst Darkfrost noted that on-chain analysts reveal that Bitcoin’s bullish trend remains intact. The current market environment offers a constructive setup, thanks to institutional interest and regulatory clarity. Bitcoin’s growth rate indicator continues to indicate a bullish setup, and the market is transitioning from uncertainty to clarity, thanks to a pro-crypto administration.

BTC's price action has been muted over the weekend, with marginal declines and increases. The price has stayed above $118,000, indicating strong support at this level. The current session sees BTC marginally up, trading around $118,035. Despite the pause in upward momentum, analysts point out that bulls remain in control, with several positive factors acting as bullish catalysts. Global crypto adoption is increasing, and the passage of key crypto bills offers regulatory clarity to the crypto space. The current market environment offers a constructive setup, thanks to institutional interest and regulatory clarity. Bitcoin’s growth rate indicator continues to indicate a bullish setup, and the market is transitioning from uncertainty to clarity, thanks to a pro-crypto administration.