🚀 Bitcoin Breaks Downtrend, Surges Toward $92.6K!
Bitcoin (BTC) has surged over 9% during the Easter weekend, breaking its multimonth downtrend and reaching approximately $92,600. This rally diverges from the stock market's performance and aligns with gold's bullish behavior, which briefly touched a new all-time high of $3,500.
📈 Key Drivers Behind the Surge:
Institutional Buying: The Coinbase Bitcoin Premium Index rose to 0.16%, indicating increased institutional demand.
MicroStrategy's Investment: Michael Saylor's MicroStrategy acquired 6,556 BTC for approximately $555.8 million, bringing its total holdings to 538,200 BTC.
ETF Inflows: Bitcoin ETFs recorded $381 million in inflows on April 21, reversing a trend of outflows and suggesting renewed confidence from traditional finance investors.
💹 Market Indicators:
Open Interest (OI): Bitcoin's open interest in derivatives surged by 17%, reaching a two-month high of $68.3 billion, reflecting growing bullish sentiment.
Contango: The market is in contango, where futures prices are higher than spot prices, indicating expectations of rising prices.
🌐 Macroeconomic Context:
Tensions between U.S. President Donald Trump and Federal Reserve Chair Jerome Powell over inflation and interest rates have weakened the U.S. dollar, potentially boosting.
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