The national central bank has launched two support programs and $BTC prices seem to be benefiting from it!!! Expected to break through 78k!!!
These policies will be positive for BTC, and the stimulus from the Chinese central bank is often positively correlated with the price of Bitcoin. After 23 years of $367.7 billion in funding, the price of Bitcoin has soared 100%!!
On the 24th, the People's Bank of China announced that it would inject $140 billion in liquidity into the financial system, while lowering the reserve requirement ratio by 0.50%. In addition, it also lowered interest rates and relaxed real estate regulations to support the real estate market and the overall economy!
The move injected $113 billion of liquidity into the stock market, lowered mortgage rates on $5.3 trillion, and eased restrictions on second home purchases, boosting market confidence. These policies may prompt other central banks around the world to follow suit.
Currently, central banks around the world have started loose policies, which may drive the rise of Bitcoin. The current technical chart forms a "bull flag", indicating that Bitcoin is expected to break through 78k
Although Bitcoin is currently fluctuating around 63k, still far from the high of 73k, the market sentiment is optimistic and there may be a new surge in the future! !
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