- Bitcoin (BTC), the leader of cryptocurrencies, experienced a rise to the $63,000 band on the last trading day of the week, in light of positive data.
- The cryptocurrency market entered an impressive period after all the painful and turbulent processes of April.
- The rising wave of Bitcoin (BTC) excited crypto investors.
Bitcoin (BTC) has seen a significant rise, hitting the $63,000 mark. This article explores the reasons behind this surge and what the future holds for the leading cryptocurrency.
Why did Bitcoin (BTC) rise?
The leading cryptocurrency, Bitcoin (BTC), signed an 8.14% increase in the last 24 hours. BTC’s upward movement started activity in altcoins. Many altcoins witnessed sensational money entries. Crypto investors breathed a sigh of relief with BTC rising to $63,000. Investors started looking for the answer to the question, “Why is BTC rising?”
Factors contributing to Bitcoin’s rise
For the first time since its launch, Grayscale’s GBTC in Spot Bitcoin ETFs made a net money entry. The buying appetite in GBTC, which has been sales-focused since day one, was a significant factor in BTC’s rise. The passing of the Fed interest rate decision and the fading of geopolitical tensions also prepared the ground for BTC. BTC created a bottom area with its decline to the $57,000 region. The formation of buying appetite in this region brought out a rapid rise. The closing of short (downward) transactions also reflected positively on BTC.
BTC analysis: Will the rise continue?
Will BTC, which revitalizes the cryptocurrency market, continue its rise? What are the important price levels and what scenario awaits us?
Future outlook for Bitcoin
As seen from the chart, a significant resistance breakout occurred in BTC. The leader of cryptocurrencies turned its outlook positive by overcoming the $60,800 resistance and remaining permanent above this resistance area. BTC started to move step by step towards the $64,000 resistance. This rise was interpreted as a bear trap by some, and a bull trap by others. Looking at the chart, it was seen that the rise was not a trap and was a healthy recovery of the previous decline. BTC, especially with Grayscale making a net money outflow for the first time, may leave a healthy weekend behind. We may see BTC test the $64,000 resistance this weekend. If BTC breaks and stays above $64,000, it can make an intermediate rise up to $66,500. If the spot Bitcoin ETF data comes positive on the first trading day of the week and Grayscale continues its net money entry, the $70,000 region can become a target for BTC.
Conclusion
Bitcoin’s recent rise has been driven by a combination of factors, including positive data, a change in buying appetite, and a decrease in geopolitical tensions. While some see this as a potential trap, others view it as a healthy recovery. Looking ahead, if current trends continue, we could see Bitcoin reach new heights, potentially hitting the $70,000 mark. However, as always, investors should conduct their own research before making any decisions.
