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Bitcoin Price Nears $65K: Key Factors Behind the Surge
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$BTC

Bitcoin recently hit $64,955, driven by Federal Reserve Chair Jerome Powell’s speech signaling possible rate cuts in September. This sparked a 4% rise in the crypto market's total value, now at $2.27 trillion.

Altcoins Rally Alongside Bitcoin
Ethereum (ETH), Solana ($SOL ), XRP, and Dogecoin ($DOGE ) also saw significant gains. The Crypto Fear and Greed Index jumped from 34 to 56, showing renewed market optimism.

Key Factors Behind Bitcoin's Rise

1/ Fed's Dovish Signals: Powell's hints at rate cuts and support from other Fed officials have fueled Bitcoin's climb.

2/ Strong Technical Indicators: Bitcoin is trading above key moving averages, nearing a potential ‘Golden Cross’ that could signal a long-term bull run.

3/ $100K Optimism: With Bitcoin close to its all-time high, options traders are betting on a rise to $100K by December.

4/ US Election Impact: Political shifts are influencing Bitcoin sentiment.

5/ Robust ETF Inflows: Strong inflows into Bitcoin ETFs, particularly from BlackRock and Fidelity, are supporting Bitcoin's price stability above $60,000.