$BTC
Bitcoin (BTC) Update: Key Trends & Market Insights
Bitcoin (BTC) is trading around $61,000, reflecting cautious optimism amid macroeconomic uncertainty. The recent *halving in April 2024* reduced block rewards to 3.125 BTC, tightening supply amid steady institutional demand. Spot Bitcoin ETFs (e.g., BlackRock, Fidelity) continue to drive inflows, with $12B+ net since January.
On-chain metrics signal strength: **hash rate** hit an ATH (over 700 EH/s), underscoring network security. Meanwhile, **accumulation addresses** (holding 1+ BTC) are rising, reflecting long-term bullish sentiment.
Short-term volatility persists due to Fed rate speculation and geopolitical risks, but BTC’s 2024 low correlation with equities highlights its hedge appeal. *Watch $60K support*—a break below could test $56K, while reclaiming $65K may reignite upward momentum.
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Data as of May 2024. Trade responsibly.
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