Bitcoin (BTC) Soars: Bull Trap or Bear Trap? Unraveling the Crypto Market Mystery
Release: 2024/05/04 16:14 Reading: 993
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Bitcoin (BTC), the leader of cryptocurrencies, experienced a rise to the $63,000 band on the last trading day of the week, in light of positive data.
The cryptocurrency market entered an impressive period after all the painful and turbulent processes of April.
The rising wave of Bitcoin (BTC) excited crypto investors.
Bitcoin (BTC) has seen a significant rise, hitting the $63,000 mark. This article explores the reasons behind this surge and what the future holds for the leading cryptocurrency.
Why did Bitcoin (BTC) rise?
The leading cryptocurrency, Bitcoin (BTC), signed an 8.14% increase in the last 24 hours. BTC’s upward movement started activity in altcoins. Many altcoins witnessed sensational money entries. Crypto investors breathed a sigh of relief with BTC rising to $63,000. Investors started looking for the answer to the question, “Why is BTC rising?”
Factors contributing to Bitcoin’s rise
For the first time since its launch, Grayscale’s GBTC in Spot Bitcoin ETFs made a net money entry. The buying appetite in GBTC, which has been sales-focused since day one, was a significant factor in BTC’s rise. The passing of the Fed interest rate decision and the fading of geopolitical tensions also prepared the ground for BTC. BTC created a bottom area with its decline to the $57,000 region. The formation of buying appetite ... Read the full article for FREE at COINOTAG!
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