Bitcoin's recent rally saw its price surge from $62,050 to a peak of $66,500, driven by several critical factors stemming from market dynamics and historical trends. Key elements influencing this momentum include leveraged short squeezes, upcoming US elections, and substantial inflows into Bitcoin ETFs.
One significant element of the rally was the liquidation of leveraged short positions amounting to nearly $80 million, applying upward pressure on Bitcoin and Ethereum prices. Historical election period trends also suggest potential further price appreciation as investor optimism builds before US elections.
Additionally, strong demand for Bitcoin in the spot market marked a shift, with buy orders meeting sell orders for the first time since mid-2023, a change from the prevailing trend since May 2021. Traders see this as a crucial turning point for Bitcoin's market dynamics.
Moreover, spot Bitcoin ETF inflows reached extraordinary levels, with $555.9 million recorded. Notable asset managers such as BlackRock and Fidelity saw considerable inflows, indicating increased institutional interest and adoption, further driving Bitcoin's price trajectory.
The culmination of these factors resulted in a temporary correction with Bitcoin stabilizing above $65,000, while the broader outlook remains optimistic for continued robust performance.
स्रोत: www.newsbtc.com ↗