$BTC Bitcoin has been making waves lately, with its price surging to a six-week high of $88,874.¹ This rally has been driven by a combination of factors, including weakness in the US dollar and strong inflows into Bitcoin exchange-traded funds (ETFs).
In fact, US-listed Bitcoin ETFs saw their largest day of net inflows since late January, with a combined $381.3 million flowing into the funds on April 21. This increased institutional interest is a significant development for the cryptocurrency.
Meanwhile, Bitcoin's price has been consolidating above $84,000, a short-term support level that has gained significance in recent weeks.² The cryptocurrency's technical analysis suggests that it may be approaching the upper boundary of its consolidation range, which could lead to a breakout towards the upper edge of a broader consolidation zone near its all-time highs.
It's also worth noting that Bitcoin's market capitalization has expanded amid growing concerns over Federal Reserve independence following President Donald Trump's renewed criticism of Fed Chair Jerome Powell. As the situation unfolds, it's likely that Bitcoin will continue to be influenced by global economic trends and market sentiment.
