Is a bitcoin explosion coming?
By Simon Peters, eToro Analyst
The price of bitcoin had a rough start to the month, falling around 9% to a low of $64,500.
The move lower coincided with a rise in Treasury yields and the US dollar, as investor bets on a rate cut in June cooled following the release of some stronger-than-expected economic data. expected.
Interestingly, since hitting an all-time high of $73,800 on March 14, the price of bitcoin had been consolidating within a symmetrical triangle pattern, with lower highs and higher lows converging at one point.
As is often the case with symmetrical triangles in an uptrend, the price has now broken higher and is aiming for the all-time high again.
With demand for ETFs in the spot market returning to net inflows in the last two weeks, sales on exchange order books remaining relatively light and important inflation data being released in the US this week, All the ingredients are in place to potentially see new all-time highs before the block reward halving, scheduled in 11 days.
Currently, bitcoin is trading at $69,600, just below the all-time high.
