[Bitcoin Price Approaches $66,000: Bounce or Bull Trap? 】
Bitcoin’s current price is $65,582, with a market capitalization of $1.3 trillion and a market share of 56.11%. Bitcoin prices edged down 0.62% over the past 24 hours, but the long-term outlook remains positive. Its all-time high price was $73,628 (March 14, 2024) and its lowest price was $0.05 (July 17, 2010). Currently, Bitcoin’s Fear and Greed Index is 63, indicating that market sentiment is biased toward “greed.”
The circulating supply of Bitcoin is 19.76 million, and the total supply is capped at 21 million. Over the past year, supply inflation was 1.34%, with 260,916 BTC added. The recent upward momentum has been mainly affected by overall global economic factors, especially the interest rate cut policies of the Federal Reserve and the People's Bank of China, which have increased market liquidity and attracted more capital inflows into risky assets such as Bitcoin.
Technically, Bitcoin price remains above the 200-day simple moving average, indicating a strong bullish trend. Prices have risen on 18 of the last 30 days, indicating continued buying pressure. If current market conditions persist, Bitcoin is expected to break through the $80,000 price target in the near future. However, due to market volatility and uncertainty in overall economic and economic policies, investors need to pay close attention to market changes.
