Bitcoin, the largest cryptocurrency by market value, has hit a more than two-year high amid strong flows into cryptocurrency exchange-traded funds.
Bitcoin, the largest cryptocurrency by market value, has hit a more than two-year high amid strong flows into cryptocurrency exchange-traded funds.
The price of Bitcoin rose at the start of the week, bringing it closer to its all-time high of $69,000. The flagship cryptocurrency was last trading at $66,088, according to CoinMarketCap. Previously, it reached $66,500, its highest level since November 2021.
As optimism rises in the cryptocurrency market, traders are keeping their eyes peeled on crucial issues. economic data looking for new clues about the timing of the Federal Reserve’s interest rate cuts. This week could see major macroeconomic releases, as well as Federal Reserve Chairman Jerome Powell’s annual testimony before Congress on Wednesday and Thursday.
Fed Vice Chairman of Supervision Michael Barr is scheduled to speak on Tuesday, while important data releases such as US nonfarm payrolls and the US unemployment rate are expected on Friday.
Bitcoin price has previously reacted both unfavorably and positively to Fed Chairman Jerome Powell’s speech; It is still unknown what will happen this time.
Bitcoin reaches $66,000
Bitcoin rose more than 7% during trading on Monday, surpassing the $66,000 barrier, indicating a positive continuation after a small correction in recent sessions.
The recent rise above $65,000 confirms the strong bidding, despite bearish technical warnings from overbought studies.
Investors are now eager to see Bitcoin approach its all-time high of $69,000 set in November 2021. At $66,000, BTC is around 4% below this level.
Some headwinds can be expected near Bitcoin’s previous all-time highs, but a strong break above here could lead to a Bitcoin price of $70,000. However, the psychological level of $60,000, which was once a resistance but has now become support, may safeguard the decline.
