Bitcoin (BTC) is back on the bullish track ocne again, closing in on the crucial $70,000 barrier.
Bitcoin just broke past the $66,000 barrier, marking a 1-month high after BTC’s correction during these past few weeks.
Last week Bitcoin started to recover from its low of around $53,000 after the massive sell-off by the German governemnt. The Mt.Gox repayment plan also sparked similar concerns among investors.
At the time of writing BTC is trading at $66,300 after a 4.6% surge in the past 24 hours and a trading volume of around $30.1 billion. The number one cryptocurrency’s market cap is currently at $1.3 trillion.
The 1-day technical analysis from TradingView shows bullish signs with the summary pointing to “buy” with 15 signals, while the moving averages show “strong buy” with 13. Oscillators also show “buy” with 2 signals.
The U.S. Securities and Exchange Commission (SEC) has authorized BlackRock to offer options trading on spot Bitcoin ETFs, marking a key milestone in expanding crypto investment products.
Crypto trader Michaël van de Poppe suggested that the Federal Reserve’s recent decision to cut interest rates by 50 basis points could positively influence the crypto market.
Recent data from CryptoQuant CEO Ki Young Ju reveals a dramatic 75% reduction in net short positions for CME Bitcoin futures over the last five months.
A Bitcoin miner wallet, inactive for 15.7 years, recently came to life, transferring 50 BTC—valued at approximately $3.05 million—into another wallet.