Bitcoin Price Soars Above $62,000 Again: Top 3 Reasons
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Bitcoin price recorded a rally, surging from a low of $49,000 to $62,700. Macro economics is the main driver, notably influenced by US unemployment data. A drop in jobless claims soothed markets. Short liquidations also impacted Bitcoin’s rise, with significant positions being covered. Speculation suggests MicroStrategy's buying activity could be another reason for the surge.
US economic data shifted market sentiment, with a noticeable rebound in equities and Bitcoin. The latest jobless claims data provided relief after a scare from prior unemployment reports. This data influenced traders' actions, boosting Bitcoin's price.
Short liquidations in the past 24 hours reached a notable high, impacting Bitcoin’s upward movement. Liquidations, particularly in an illiquid market, contributed significantly to price volatility.
Speculation indicates that MicroStrategy, under Michael Saylor's leadership, may have influenced the market. The company recently announced plans to increase its Bitcoin holdings, further driving demand and potentially affecting prices during low-liquidity periods.
Source: www.newsbtc.com ↗
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