Bitcoin had a week of strong emotions and new records! Here's a summary of what happened:
- All-Time Highs: Bitcoin surpassed the $99,000 mark for the first time, solidifying its position as a significant asset in the global financial market.
- Consolidation: After days of consecutive all-time highs, the price of Bitcoin stabilized around $90,000 for much of the week, showing consolidation above psychologically important levels.
- Institutional Buying: US ETFs and MicroStrategy were responsible for absorbing over 61,000 BTC in total this week, signaling strong institutional demand and a growing acceptance of Bitcoin as a store of value.
- Low Liquidity on Exchanges: With only 2.5 million Bitcoins available on exchanges, the circulating supply has decreased, potentially reinforcing the bullish trend due to scarcity. - Market Sentiment: The crypto community is bullish, with many analysts pointing to a possible continuation of the bullish trend, although some analysts warn of the possibility of corrections after such impressive gains.
Bitcoin's performance this week illustrates not only its characteristic volatility, but also the growing confidence and interest of the traditional financial community, highlighting its trajectory as a top investment asset.
The cryptocurrency community is keeping an eye on its next moves, with many expecting Bitcoin to continue its rise, especially with the potential reaction of the boomer market to FOMO (fear of missing out).