đ„đ„đ„ #bitcoinâïž Pops Over $61K, XRP Leads Gains Among Majors
Bitcoin Trading Update and Market Outlook
Bitcoin recently traded above $61,000 during the Asian session. Polymarket predicts a 66% chance that Bitcoin will stay above $60,000 by week's end. Traders await Jerome Powell's remarks later in the week for insights into future price trends.
Recent Developments:
- ETFs: Bitcoin ETFs saw $61 million in net inflows, the highest since August 8. #BlackRockâs IBIT led with $92 million in inflows, while Bitwiseâs BITB had $25 million in outflows.
Japanâs Metaplanet purchased $3.4 million worth of Bitcoin.
- Major Cryptocurrencies: XRP and BNB Chainâs BNB rose over 7%, Solanaâs SOL and Cardanoâs ADA increased by 4%, while Toncoin (TON) fell by 0.8%. The CoinDesk 20 index gained 4.25%.
- #DogecoinâŹâ© (DOGE): Increased by 5% following an AI image posted by Elon Musk, though such spikes are usually short-lived.
- PoliFi Tokens: Minimal movement with the MAGA token down by 0.3% and a trading volume of $2.5 million. In Polymarket's Presidential election contract, Kamala Harris leads Donald Trump 50%-49%.
Market Sentiment and Predictions:
- Trading Range: Bitcoin is expected to range between $56,000 and $62,000, with significant volume around $58,000 to $60,000.
- Jerome Powell's Speech: Anticipated to discuss potential shifts to lower borrowing costs, which could boost bullish sentiment. However, recent ETF application withdrawals and traditional finance caution due to staking regulations may impact mainstream adoption.
Source - coindesk.com
