Bitcoin
Why did Bitcoin price rise above $69K today?
Bitcoin (BTC) Price it surpassed $69,400 on Wednesday, recovering from just under $66,000 in the last 24 hours. This significant increase lifted the entire altcoin market, increasing the total market value by 3% to around $2.65 trillion.
Here’s what’s causing the increase.
Why is the price of Bitcoin increasing?
Bitcoin’s recent rise to over $69,000 comes amid increased activity from large investors, known as whales. Despite US Spot Bitcoin ETFWe are facing two days of cash outflows – $65 million on Monday and around $200 million on Tuesday – market data suggests bullish sentiment.
This is supported by decreasing balances on cryptocurrency exchanges, with more than 14,140 Bitcoins (worth around $954 million) being withdrawn in the last two days.
Bitcoin’s sharp rally on Wednesday also coincided with the release of lower-than-expected Consumer Price Index (CPI) data from the US Bureau of Labor Statistics.
This news has led crypto traders to speculate about possible interest rate cuts by the Federal Reserve, potentially mirroring actions by the European Central Bank (ECB) and the Bank of Canada.
Aiming for the $80,000 mark
Bitcoin has tried to surpass $73,000 several times recently without success. However, the coin has gathered strong bullish sentiment, raising the prospect of a rise to $80,000.
In case of bullish rejection, Bitcoin Price has established a solid support level above $61K, which may hold until buyers regain control.
Read too: May US CPI may fall to 3.3%; BTC price rises to $69K
Where do you see Bitcoin price going next? High or low? Inform us!