Cryptocurrency market on June 23: Bitcoin surpasses 101,000 USD
Bitcoin hits a new peak after an extraordinary growth move
On June 23, the cryptocurrency market witnessed a strong breakthrough of Bitcoin (BTC). According to a report from PANews, the price of Bitcoin officially broke the threshold of 101,000 USD. Currently, this coin is trading around 101,021.30 USD, reflecting a daily growth of up to 2.13%. This upward trend reflects a positive recovery of the market, while reinforcing investors' confidence in the face of the global financial crisis.
Strong buying moves drive price increase
The breakthrough of Bitcoin is largely thanks to continuous buying activity from institutional and individual investors. The surge in trading frequency at international exchanges helps balance supply and demand, facilitating this major digital currency to advance deeper into the resistance area of 101,000 USD. Analysts believe that this could be a springboard for Bitcoin to go even further in the coming weeks, targeting larger resistance levels like 105,000 USD and 110,000 USD.
Factors driving Bitcoin prices in the short term
The price increase of Bitcoin does not occur in a unilateral manner. Factors including large capital flows from investment funds, looser control policies from central banks, along with increasing interest from institutional investors, all contribute to driving the growth trend. Additionally, on-chain activity data such as reserve ratios and transaction volumes also indicate that investors tend to hold long-term, reinforcing predictions of a long-term price increase for Bitcoin.
The future of the cryptocurrency market
In the context of Bitcoin prices continuously setting new records, experts predict that the positive trend will continue. Insights from technical analysis suggest that if this upward momentum is maintained, Bitcoin could very well conquer the next resistance levels, bringing the cryptocurrency market back to a bullish state. Investors need to closely monitor fluctuations supported by macroeconomic factors and global capital flows to optimize their investment strategies.
Source: https://tintucbitcoin.com/bitcoin-vuot-moc-101-trieu-usd/
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