🚀 Bitcoin Blasts Past $106K — Institutional FOMO Ignites Bullish Momentum!
Bitcoin price rises beyond $106,000 on Wednesday after two days of 5% advances.
Institutional demand rises as ProCap #BTC LLC buys 3,724 Bitcoin and spot ETF receives $588.55 million.
After hinting Tuesday that the Fed isn't rushing to drop rates, Fed Chair Jerome Powell will testify again.
Bitcoin (BTC) climbs beyond $106,000 on Wednesday after 5% advances in the previous two days. As ProCap BTC LLC adds Bitcoin to its reserve and ETF inflows occur, institutional and corporate demand supports the price recovery. Later on Wednesday, BTC traders will watch Fed Chair Jerome Powell's second day of testimony.
Bitcoin remains strong before Jerome Powell's second-day hearing.
The Monday truce between Israel and Iran boosted bitcoin prices by more than 5% in the previous two days. BTC extends gains beyond $106,000 in the early European session on Wednesday as traders anticipate Jerome Powell's two-day congressional speech.
On Tuesday, FXStreet senior news correspondent Tammy Da Costa said, “His tone remained broadly consistent with recent commentary, emphasizing a data-driven approach while acknowledging progress on inflation.”
The expert adds that Powell underlined that the Fed is not in a haste to decrease interest rates, although statistics may support it.
If Powell's second-day testimony suggests a dovish tone, underpinned by good macroeconomic data and lower interest rates, investors may migrate toward riskier assets like BTC. If the Fed is hawkish, BTC may fall.
Bitcoin Price Forecast: Will BTC rise?
Bitcoin fell below $98,200 on Sunday but rose 5% in the next two days to close above its 50-day Exponential Moving Average at $103,352. It trades higher at $106,500 as of Wednesday.
BTC might reach its May 22 all-time high of $111,980 if it keeps rising.
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