๐๐ Bitcoin is back in the game, folks! After a few weeks of a downward trend, the crypto giant has bounced back, soaring above a whopping $72,000 for the first time since mid-March! ๐๐ช
Why the sudden recovery, you ask? Well, several factors are at play here. First off, when BTC was at $65,500 last week, the price correction seemed to be in its final stages, with massive profits of $2.7 billion being realized. This hinted at a possible end to the downward pressure. ๐ฏ๐
Moreover, the minting of new USDT showed a strong correlation with Bitcoin's price, supporting the bullish sentiment. ๐๐ฐ Also, there's been a significant increase in BTC inflows into accumulation addresses, indicating a growing interest from long-term investors. ๐ง๐ผ
Crypto experts are optimistic about the current rally's sustainability. If the $70,800 level provides the necessary support, we could be looking at a fresh new record of $85,000, according to analyst Ali Martinez. ๐๐
But wait, there's more! QCP Capital's update last Friday highlighted a growing bullish sentiment surrounding Bitcoin. There's been a noticeable increase in spot Bitcoin ETF inflows, and big names like Citadel, Goldman Sachs, UBS, and Citi are joining as Authorized Participants for Blackrockโs ETF. ๐ฆ๐ค
Lastly, the upcoming Bitcoin halving narrative is adding to the positive outlook. So, hold on to your hats, BTC enthusiasts, because it looks like we're in for a thrilling ride! ๐ข๐