Analysts observe the increase in the latest indicators that intervene in the price of Bitcoin and analyze what the next catalysts will be.
Cryptocurrencies start the week with a strong rally. He Bitcoin exceeds US$68,000, the same happens with Ethereum, which trades above US$2,700, while the rest of the altcoins operates with profits greater than 12% in the last 24 hours. What factors motivated the improvement in prices?
From a technical point of view, Javier Molina, senior market analyst at eToro, highlights that bitcoin made its “first serious attack” on the US$66,000 area. This movement has taken prices to the reference of US$69,000. According to Molina, the bitcoin rally is accompanied by a increase in volume in spot marketsboth in exchange-traded funds (ETF) and in the rest of the direct market, as well as a certain increase in the opening of positions in derivatives.
As for BTC spot ETFs, these investment products have been achieving positive net inflows since last Friday, October 11. In this six-day period, BTC ‘spot’ exchange-traded funds have raised more than $2 billion net, also registering three days of flows above $400 million and one day above $550 million. millions.
“This increase coincides with the entry of money into risky assets, so it will be vitally important that the Nasdaq does not lose ground so that BTC continues attacking higher levels. If US$69,000 is exceeded, we will have a new all-time high in bitcoin and US$74,000 will be the first objective before entering the price discovery zone. If the US$69,000 is not exceeded, I return to US$66,000 first and US$64,000 later,” explains Molina.
Wall Street in the eye of cryptocurrency investors
In this sense, it is worth remembering that analysts have been indicating that the leading cryptocurrency was strongly correlating with the US equitiesespecially with technological values. If the figures from the large Wall Street companies continue to convince the market and the macroeconomic data reinforce a scenario of more interest rate cuts by the Federal Reserve (Fed), Everything indicates that cryptocurrency prices will continue to rise.
China cut rates to boost the economy and it had an effect on markets: “This move injected a new wave of optimism, fueling hopes that recent stimulus efforts in China are finally gaining economic traction. Investors are balancing bets between the strong US economy and the expected recovery of the Chinese economy, while global geopolitical tensions and the risk of the upcoming US elections loom like storm clouds on the horizon,” writes Stephen Innes, manager at SPI Asset Management.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
