Bitcoin Price Hits New ATH at $71,000: What’s Behind the Rally?

  • Ethereum (ETH) price has once again surpassed $4,000, and there is a sudden 3-8% jump in leading altcoins such as XRP, SOL, ADA, DOGE, and SHIB.
  • Supported by an 80% increase in trading volume in the last 24 hours, ETH price rose to $4,015, indicating significant interest among traders before the Decun update.
  • This development coincides with the news that the London Stock Exchange (LSE) has opened applications for Bitcoin and Ethereum exchange-traded fund (ETF) listings.

As Bitcoin’s price gains strength above $71,000, investors are curious about the reason behind the surge: Here are the factors triggering the rally!

Bitcoin Price Surpasses $71,000

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Bitcoin (BTC) price has now reached above $71,000, hitting a new all-time high and gaining momentum among crypto investors towards the $100,000 target. Other cryptocurrencies are also on the rise; Ethereum (ETH) price has again surpassed $4,000, and leading altcoins such as XRP, SOL, ADA, DOGE, and SHIB have experienced a sudden 3-8% jump.

Supported by an 80% increase in trading volume in the last 24 hours, ETH price rose to $4,015, indicating significant interest among traders before the Decun update. Bitcoin (BTC) price suddenly rose above $70,000, hitting a new all-time high. The BTC price has risen by over 4% in the last 24 hours, reaching up to $71,646. This movement comes as the digital currency has been on a steady parabolic rise since the beginning of the year, coupled with other factors.

This development coincides with the news that the London Stock Exchange (LSE) has opened applications for Bitcoin and Ethereum exchange-traded fund (ETF) listings, according to Bloomberg. This will be a push for those operating exchange-traded funds to embrace Bitcoin and crypto products. Last week, Germany’s Deutsche Boerse launched a fully regulated crypto trading platform, Deutsche Boerse Digital Exchange (DBDX), for trading crypto assets, including Bitcoin and Ethereum.

Among other factors, Monday saw the U.S. Dollar Index (DXY) fall below 102.7, navigating at its lowest levels since mid-January. Additionally, U.S. Treasury yields dropped from 4.219% to 4.058% last week. Investors are now focusing on expected new economic data this week, with an eye on the U.S. CPI inflation data set to be released over the weekend, which could impact the outlook of the U.S. Federal Reserve’s monetary policy.

Is Bitcoin Heading to $80,000?

According to Coinglass data, nearly $360 million in crypto liquidations occurred in the last 24 hours, with over 120,000 traders being liquidated. The largest single liquidation order in BTCUSD, valued at $8.88 million, occurred on the Bybit crypto exchange. BTC experienced a $34 million liquidation in four hours, with over $31 million in short positions liquidated. Additionally, ETH saw a total of $11.5 million in liquidations in the last four hours, with $10 million in short positions being liquidated.

On the lower time frame, Bitcoin’s resistance was observed at $71,500. The Crypto Fear & Greed Index rose back to 82 after the weekend dip, and market sentiment is currently in the ‘Extreme Greed’ zone.

However, option traders appear extremely bullish about opening positions at the $80,000 level for BTC after successfully hitting $70,000 last week, according to Deribit data. Additionally, CME BTC futures open positions increased by 2%, reaching $10.59 billion, according to CoinGlass data.

Experts like Robert Kiyosaki, author of Rich Dad Poor Dad, Tom Lee from Fundstrat, and Michael van de Poppe predict that Bitcoin’s price will easily reach $100,000 by 2024, with potential for up to $300,000 within this year.

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Sheila Belson
Sheila Belsonhttps://en.coinotag.com
Sheila Belson is a 20-year-old financial content editor who ventured into the realm of cryptocurrencies in 2023. Enthralled by the innovative world of non-fungible tokens (NFTs), she harbours a profound affection for Ethereum. With a sharp eye for detail, Sheila skillfully navigates the dynamic crypto landscape, continuously seeking to enrich her understanding and share her passion through engaging and insightful content.
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