2021-4-19 12:23 |
A rare seal of approval from the People's Bank of China comes as Bitcoin recovers from a price crash which sent it to $52,000.
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The global cryptocurrency market continues to attract significant investor interest as crypto investment products recorded a substantial influx of funds last week. According to CoinShares’ latest weekly report, crypto funds registered a net inflow of $2.
Bitcoin has been on a major upward trajectory, recently hitting an all-time high (ATH) of above $89,000. As this milestone was crossed, a notable trend emerged with short-term holders transferring their holdings to major exchanges, particularly Binance.
Bitcoin recent price movements amid the US presidential election 2024 have led to its price currently standing at around $69,092, following a drop below the $70,000 level last week. This relatively low volatility has marked a calm period for Bitcoin, allowing it to stabilize in the $68,000 to $69,000 range over the past few days.
The recent activity in Bitcoin price and demand metrics suggests a potential resurgence in market interest, which could lead to a renewed all-time high. So far, Bitcoin has recently achieved a significant price rebound, reclaiming a trading level above $70,000 after a sustained period of resistance just below this price mark.
Peter Brandt, a well-known veteran in the trading community, recently took to X to share a concerning outlook on Bitcoin price trajectory. Brandt’s warning comes amid a relatively stagnant performance by the leading crypto, failing to produce any decisive moves toward new all-time highs in recent months.
Bitcoin price movements and market sentiment have often been tied to the positions held by traders across the board. Regarding that, an insight shared by CryptoQuant analyst Amr Taha sheds light on the potential significance of Bitcoin’s long/short liquidation delta, hinting at a shift in market stance.
So far, Bitcoin has seen a mixture of bulls and bears just in the past day alone. Although bulls appear to be taking the lead given its current market performance, will this be sustainable? Before the US Federal Reserve announcement of the rate cuts, Bitcoin experienced a slight dip in its trading price.