Bitcoin Price Rises Sharply, Just 4% Away from All-Time High
Bitcoin's price is showing a significant increase, just about 4% away from its historical peak. A wave of optimism is spreading across the cryptocurrency market, pulling in over $547 million in cash flow for Bitcoin spot ETFs in the fourth session, marking a 12-day streak of attracting capital – a strong bullish signal from institutional investor demand.
Not only limited to ETF indicators, recent events in the market also contribute to driving this growth momentum.
US Housing Policy Expansion Has Significant Impact on Cryptocurrency
The Federal Housing Finance Agency (FHFA) has just made a groundbreaking decision requiring Fannie Mae and Freddie Mac to account for cryptocurrency assets in home loan application reviews. This is an important turning point in expanding the acceptance of cryptocurrency into the traditional financial system, seen as a long-term catalyst for the industry's maturation.
Technical Chart Warning About Bitcoin's New Breakout
Technically, Bitcoin is displaying a strong V-shaped recovery, with prices fluctuating around the key resistance level of $107,383. A breakout above this mark could reverse the market structure, paving the way for a new all-time high (ATH).
Cryptocurrency analyst Ran Neuner predicts that a new peak for Bitcoin could appear within the next 42 days, with a steady upward trend rather than a sudden explosion. He emphasizes that the recent global ceasefire has facilitated financial markets, with Bitcoin leading this growth.
"The rally will not be a single large green candle. It's happening gradually," Neuner commented.
Jerome Powell's Testimony Sparks Optimism
Federal Reserve Chairman Jerome Powell has recently contributed to bolstering bullish sentiment. He stated that the Fed may have begun lowering interest rates if there are no increased inflation risks from previous government taxes.
Mr. Powell confirms plans to cut interest rates three times this year, in July, September, and December. Low interest rates often boost risky assets like Bitcoin, creating an important 'green' signal for investors.
US Dollar Weakens, Wall Street Rises Strongly
Following Powell's statements, the USD plummeted, a positive move for Bitcoin. The Wall Street market reacted quickly, with the NASDAQ reaching a new all-time high, while the S&P 500 is on track to form a 'golden cross' – a technical pattern that often signals a sustainable upward trend.
Historical data shows that Bitcoin tends to establish new highs about 41 days after the S&P 500 reaches a similar milestone. This correlation is being noted by analysts as a signal for Bitcoin's next significant breakout.
Altcoin Season? Still Waiting
While Bitcoin is preparing to take off, most altcoins may not keep up with this pace – at least in the short term. Ran Neuner commented that the altcoin rally will only focus on tokens that have garnered strong interest from financial institutions.
A widespread altcoin season can only come when Wall Street strongly supports certain projects. He also revealed that a carefully selected list of potential altcoins will be announced soon for savvy investors looking to capitalize on the upcoming trend.
The current cryptocurrency market landscape marks a strong breakout of Bitcoin, supported by new financial policies and sustainable technical momentum. This is the golden moment for investors to update, prepare reasonable strategies, and maximize profit opportunities from the digital asset flow.
Source: https://tintucbitcoin.com/bitcoin-pha-dinh-moi-sau-42-ngay/
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