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How the Bitcoin rate rose to $60 thousand?

The crypto community greeted the beginning of 2024 on a positive note. The launch of the first spot exchange-traded funds (ETFs) for Bitcoin on January 11 immediately made it a leader in terms of trading volume in the digital asset market. The “hero of the occasion” himself, based on this enthusiasm, managed to first overcome the important psychological level of $50 thousand, and then the next height - $60 thousand. Against this background, many prominent blockchains receive an influx of liquidity in anticipation of the development of a similar investment direction for other crypto-assets.

The second factor is related to the American dollar, or more precisely to the current monetary policy of the Western banking regulator. Since the US Federal Reserve completed the cycle of rate hikes at the end of last year, the attractiveness of the Western currency is fading, and increasing interest in risky assets, on the contrary, is waking up. This is happening against the backdrop of expectations for the start of a cycle of rate cuts - presumably in the summer-autumn of 2024.

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However, amid the general euphoria, it is extremely important to keep a cool head - large players are already beginning to partially fix purchases. Thus, according to the Santiment service, there is significant profit-taking in BTC - in 3 days, whales sold more than 80 thousand BTC. As a rule, this is a strong harbinger of the beginning of a correction to the current almost recoilless growth. Therefore, it is not profitable to buy almost any coin here and now - you should wait for the completion of the technical rollback, and only then join the ranks of buyers.