As many of us can observe, Bitcoin seems to come back strongly this week. Personally I believe the correction is over for Bitcoin is over. ![[Call]](https://c1.itigergrowtha.com/community/assets/media/emoji_050_kanzhang.2ebf50e9.png)
Bitcoin
Bitcoin has surged above $70,000, climbing more than 5% in the past 24 hours. This significant Bitcoin price increase has sparked interest and curiosity within the market, seeking to understand the underlying factors driving this upward momentum. This change was driven by recent data showing a softening in U.S. inflation and significant interest in spot Bitcoin ETFs.
The approval and launch of spot bitcoin exchange-traded funds in the U.S. this year has opened the asset class to new investors and reignited the excitement that evaporated when prices collapsed in the "crypto winter" of 2022.
Let's look at Bitcoin chart.
Bitcoin chart
What a trend reversal for Bitcoin. A higher low is formed and all the EMAs are facing upwards now. Currently, everything is set up in a good way and I believe breaking new high is just a matter of time for Bitcoin. For such, I am bullish for Bitcoin and the related stocks or ETFs like $Coinbase Global, Inc.(COIN)$
The United States Federal Reserve's strategies to manage inflation and avoid a recession could impact liquidity. Consequently, this could affect the attractiveness of scarce assets like Bitcoin. Investors are closely watching the Federal Reserve's actions, as these could have significant implications for Bitcoin's future value.
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Based on the news articles I found, here are some key points regarding Bitcoin's recent price surge:
Bitcoin has surpassed the $71,000 mark for the first time in 38 days, currently trading at $71,200. This increase in price is driven by optimism surrounding the approval of Ethereum exchange-traded funds (ETFs). Source
Analysts at Bloomberg Intelligence have raised the odds of Ethereum ETF approval to 75%, which has resulted in a rally in the cryptocurrency market. Within 24 hours, over $348 million in liquidations were recorded. Additionally, investors have withdrawn over $2.17 billion in Bitcoin from exchanges, indicating a bullish sentiment and anticipation of further price increases. Source
The transaction volume on the Bitcoin network has been consistently above the 300K level since the beginning of May 2024. The Federal Reserve's efforts to manage inflation and avoid a recession could impact liquidity and the attractiveness of assets like Bitcoin. Source
Bitcoin reached a new all-time high of $73,737 in March and is now just 5% below that level. The recent price surge appears to be largely driven by the new Bitcoin ETFs, which trade on traditional stock exchanges and allow investors to buy shares that track the price of the asset. Bitcoin reserves on major exchanges have also dropped to a seven-year low, indicating lower selling pressure. Source
On May 20, Bitcoin rose by 5.93% to $70,206, adding $3,931 to its previous close. The cryptocurrency is up 82.3% from the year's low of $38,505 on January 23. Source
Based on the information above, it seems that the recent surge in Bitcoin's price is driven by factors such as the anticipation of Ethereum ETF approval, decreasing Bitcoin reserves on exchanges, and the Federal Reserve's monetary policies. However, it's important to note that cryptocurrency markets can be highly volatile and subject to various factors, so caution should always be exercised when making investment decisions.
Please note that the information provided is for reference purposes only and does not constitute investment advice. Investing in cryptocurrencies carries risks, and it's essential to conduct thorough research and consider your risk tolerance before making any investment decisions.
Itโs at a pressure line and hasn;t broken through
Letโs see how it goes when it reaches 73,000