Is Bitcoin about to break through? Market optimism is overflowing, and the $64,000 mark is just around the corner
On Wednesday, Bitcoin (BTC) was still struggling at the $64,000 mark, with a slight increase of 0.3%, barely reaching $63,850. Market experts said that although the atmosphere is a bit tense, there are many catalysts that are optimistic about its further rise.
Although Bitcoin cannot rush up now, analysts have found many good signs, which may be able to push it to a new high.
On the other hand, Ethereum is not so lucky, falling 1%, and the price is hovering at $2,625, according to data from Coingecko.
However, in the United States, Bitcoin spot ETFs are very popular, with net inflows for four consecutive days. On September 24, a total of $136 million flowed in, of which BlackRock's iShares Bitcoin Trust (IBIT) accounted for $98.8 million.
Geoffrey Kendrick, a digital asset research expert at Standard Chartered Bank, said that the Fed's decision and the changes in the U.S. Treasury yield curve are good news for Bitcoin. The yield curve spread is now +21 basis points, which means that 10-year Treasury bonds earn 0.21% more than 2-year bonds. Once the curve is steep, people will have more confidence in the economy, and Bitcoin will also benefit from it.
Kendrick also said that the speed of capital inflow shows that people are not only looking at price increases, but also feel that the overall environment is favorable for Bitcoin, especially some recent policy benefits, which have greatly boosted the morale of the cryptocurrency circle.
Looking at market sentiment, Bitcoin's optimism index has soared to 83 points (out of 100), which is a big change. Everyone was quite calm in the past few weeks, but now that it's so lively, some people are worried that Bitcoin will not be able to hold up at this high level.
He also mentioned China's interest rate cut, saying that this has also added fuel to the cryptocurrency market. However, he also reminded everyone that although it seems to be an upward trend, there are also many risks, such as resistance levels and the market may cool down.
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