- The price of Bitcoin has risen by 40% over 6 weeks, settling above the $100,000 barrier for 11 days, recording the fourth highest daily closing levels above this barrier with the highest weekly close at $106,500.
The price of Bitcoin surpassed the $107,500 level at the beginning of Wednesday, now just 1.1% away from its all-time high (ATH) of $108,786, as investors seek a safe haven amid global uncertainty, causing the price of major cryptocurrencies to break out of a relative stability period that lasted two weeks between $102,000 and $105,000, possibly paving the way for a move towards unprecedented levels.
Over the past six weeks, the price of Bitcoin has risen by 40%, remaining above $100,000 for more than 11 days. The BTC/USD pair has only closed its daily trading above $105,000 four times before, and last week's close at $106,500 is the highest weekly closing level in the history of the sector leader.
Moody's credit downgrade unleashes a surge in digital assets.
The rise in Bitcoin's price was driven by a combination of favorable geopolitical factors and macroeconomic considerations, as Moody's downgraded the U.S. debt rating, raising concerns about traditional financial systems, while risk appetite increased following a reduction in trade war tensions between the United States and China.
