Bitcoin Price Surge: A $10k Gain in Two Weeks
Bitcoin (BTC) price surged by $10,000 in the past two weeks, reaching around $65.6k during the early Asian session this Wednesday. The cryptocurrency briefly touched $66k on Wednesday, reinforcing crucial support levels for bullish momentum ahead. Furthermore, Bitcoin price successfully reclaimed both the 50 and 200-day Moving Averages (MAs) as support levels. With the daily Relative Strength Index (RSI) targeting the 70 level, buyers are currently dominant, eyeing a potential new all-time high in the near future.
What’s Driving Bitcoin Price Growth
– The German government’s recent $2 billion Bitcoin sales have alleviated fears of further crypto capitulation.
– Bitcoin’s fear and greed index surged to 69 percent, signaling greed, as the cryptocurrency soared above $65k.
– Significant cash inflows into US spot Bitcoin ETFs in the past fortnight have contributed to the ongoing market recovery.
– BlackRock’s IBIT received a cash influx of approximately $260 million on Wednesday, with other issuers collectively receiving around $162 million.
– The conclusion of Mt.Gox crypto repayments after a decade of legal battles has been viewed positively by the industry.
– According to CryptoQuants CEO Ki Young Ju, the Mt.Gox repayments may be overestimated, with whales potentially preparing to capitalize on public apprehension.
BTC Price Analysis and Targets
– Following the recent downward trend over the past two weeks, Bitcoin’s price is now aiming to revisit its all-time high above $70k.
– In order to sustain upward momentum, Bitcoin’s price must consistently close above $67k in the approaching weeks.
– Failure to do so could lead to a retracement to test the support level above $60k before potentially rebounding towards a new ATH.
Hot Take: Bitcoin’s Bullish Trajectory Continues
Bitcoin’s remarkable price surge has demonstrated its ability to quickly recover and push towards new highs. With continued positive developments in the market and growing investor interest, the cryptocurrency remains poised for further gains in the foreseeable future. As bullish momentum prevails, Bitcoin enthusiasts eagerly anticipate potential record-breaking price milestones in the coming days.
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