The stars aligned with Bitcoin
The price of Bitcoin has risen almost uninterruptedly over the last three months, setting new all-time highs (ATH) practically every week since mid-May. According to Coinbase, BTCUSD surpassed the crucial mark of $112,000 on July 10 and reached $123,200 on July 14.
Since then, the market seems to have entered a consolidation period, with prices fluctuating in the range of $116,000 to $120,000. The crucial question that investors now face is whether this represents a prelude to a significant bearish correction or if the current consolidation will only serve as a springboard for the bullish trend to continue its upward trajectory. Kar Yong Ang, financial market analyst at Octa Broker, explains the reasons for the rise and analyzes potential scenarios.
Following the spring pullback, when the price of the world's leading cryptocurrency fell below $75,000 in early April, BTC rose by 65% and was trading slightly above the $123,000 level by mid-July.
The main drivers of such an impressive rise include renewed investor optimism, increasing institutional flows, a favorable regulatory environment, and a distorted supply of BTC.#CryptoScamSurge
@larangedev
@binancesquare
