As an experienced analyst, I’ve been closely monitoring the cryptocurrency market for years now, and I must admit that the recent price surge of Bitcoin to a new intraday high of $68,276 is quite intriguing. After all, just a few weeks ago, the leading cryptocurrency plunged to as low as $56,500 due to stagflation fears.
Today, on the Bitstamp exchange, the cost of Bitcoin, the foremost cryptocurrency, reached a fresh peak of $68,276 within the trading session.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development: The value of cryptocurrencies has recently reached its peak since April 12, rebounding from a low of $56,500 on May 1 due to growing concerns over stagflation.
Noting the correlation between ETF flows and price movements, Bitcoin ETFs saw substantial investment last week during each of the five trading sessions, resulting in approximately $950 million in total new funds.
Based on the analysis of Bitcoin expert Alessandro Ottaviani, a significant increase in investments into BlackRock’s IBIT and other spot Bitcoin Exchange-Traded Funds (ETFs) could potentially push the Bitcoin price beyond $70,000 in the coming days.
As a researcher studying Bitcoin’s price trends, I have observed that the digital currency made an unsuccessful attempt to break through the significant resistance level around $70,000 in early April. Following its peak at approximately $72,756 on the 8th of the month, Bitcoin experienced a sharp decline, dropping as much as 17% within a short nine-day period.
According to U.Today’s report, Bitcoin underwent a significant price surge after the latest CPI data indicated decreasing US inflation rates. It’s anticipated that Bitcoin will gain from several interest rate reductions in 2023.
On this coming Monday, Bitcoin, the leading cryptocurrency, has experienced a significant surge, mirroring the 0.82% rise of the Nasdaq 100. The relationship between Bitcoin and tech stocks has reached its strongest point in nearly a year.
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2024-05-20 20:31