Institutional investors have been steadily increasing their accumulation of Bitcoin since BlackRock applied for a spot BTC ETF. This growth coincided with a decrease in BTC balances on exchanges. Data from ByteTree showed that the amount of Bitcoin held by funds grew to nearly 850,000 BTC in June, indicating widespread institutional accumulation. The increased institutional interest in Bitcoin is also reflected in the number of BTC whales reaching a 1-month high of 1,685 on July 7, according to Glassnode data. Meanwhile, BTC continues to trade above $30,000.

Bitcoin has found support at the $30,000 level and could potentially become the primary currency for artificial intelligence due to its digital nature, constant availability, and automation, according to industry experts such as former BitMEX CEO Arthur Hayes. Hayes emphasizes Bitcoin's unique qualities and its similarity to pure energy, making it an ideal choice for blockchain-driven systems. The price of Bitcoin has also been affected by investors reevaluating Federal Reserve predictions after the release of employment data, resulting in fluctuations in BTC's outlook. Traders should keep an eye on the $29,600 level as a critical pivot point for today's trading activities.

Bitcoin faced selling pressure near the $30,202 threshold, possibly due to the release of the FOMC minutes. However, positive remarks from BlackRock's CEO, Larry Fink, about Bitcoin's potential have helped mitigate further declines and raised questions about its potential for a rebound. BlackRock's interest in a Bitcoin ETF has further bolstered confidence in Bitcoin's future, potentially increasing liquidity and stability in the market. Bitcoin trading volume on multiple exchanges surpassed $4.2 trillion in the first half of 2023, indicating increased interest from institutional and retail investors and potentially signaling a revitalized market. Bitcoin is currently holding steady around the $30,000 level, with resistance at approximately $31,400 and support around $29,600. A decisive close above the $29,600 level could trigger a bullish movement, while a clear break below it could lead to support around $28,450 and potentially even lower towards $27,450. It is recommended to monitor the $29,600 level as a key pivot point for today's trading activities.

Despite Bitcoin's recent price correction, investors remain optimistic as data suggests that $30,000 will continue to be a support level. The correction may be due to traders overreacting to short-term price movements rather than considering Bitcoin's overall gains this year. Other factors such as the departure of Binance's chief strategy officer and the U.S. Treasury curve's inversion may also be impacting Bitcoin's price and investor sentiment. However, traders are showing strength in margin, options, and futures markets, with a growing preference for neutral-to-bullish call options and confidence in margin lending.

Bitcoin is ending the week on a down note after the optimism that pushed the price of the largest digital asset to a one-year high fades amid a flurry of fresh industry turmoil and crosscurrents in global financial markets. 

According to BitMEX co-founder Arthur Hayes, artificial intelligence (AI) will require a payment system that is available 24/7, digital, automated, censorship-resistant, and enshrined with clear and transparent rules. Hayes believes that Bitcoin is the most logical money for AI to use for economic decisions and payment rails. He argues that Bitcoin's blockchain-based payment system can provide the necessary services for AI to pay for data and compute power, receive payments electronically in small increments, and maintain its value over time against AI's electricity "foodstuffs." Hayes also notes that Bitcoin's censorship-resistant nature and lack of a singular entity that can arbitrarily change the network rules make it a better option than fiat currency or gold-backed stablecoins.

Ethereum has been struggling to surpass the $2,000 resistance level, while Bitcoin has seen an increase of 11.94% in June. Despite efforts to break through the $1,900 resistance level, Ethereum has experienced a decline in activity and a drop in the value of NFT collections. However, the demand for liquid staking derivatives (LSD) such as Lido's stETH is rising, with more ETH being moved towards staking than selling on exchanges. This provides a safety net for any potential downside and suggests that the price of Ethereum is likely to establish bullish support.

The crypto markets showed stability and a slight positive trend despite the US jobs report, with Bitcoin trading around $30,000, Ether at $1,870, and the overall market capitalization reaching $1.18 trillion. For investors seeking diversification, eCash, Wall Street Memes, Filecoin, and DeeLance are recommended due to their growth potential, particularly DeeLance's $DLANCE token presale, which has raised millions and is currently priced at $0.038. MATIC, the cryptocurrency powering Polygon, is finding support and may challenge resistance levels at $0.75 and $0.82.

Bitcoin's resistance at $31,000 could result in liquidations if it fails to break above it, while Binance CEO CZ predicts a bullish future for Bitcoin post-2024 halving and suggests that BlackRock's involvement in the crypto market will be beneficial. The top 10 cryptocurrencies, including BTC, ETH, BNB, and XRP, exhibit positive sentiment, with potential breakouts anticipated, but readers are advised to conduct their own research before making any investment decisions as stated in the article.

JPMorgan managing director Nikolaos Panigirtzoglou believes that a Bitcoin exchange-traded fund (ETF) approval in the US would bring more liquidity to Bitcoin markets but would not have a significant impact on crypto markets overall. Despite limited investor interest in Bitcoin ETFs in other jurisdictions, BlackRock's CEO, Larry Fink, suggests that investors may turn to Bitcoin as a hedge against inflation and currency devaluation, leading to optimism for the success of BlackRock's Bitcoin ETF endeavor.