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Home Altcoins News Bitcoin’s Latest Surge Explained: Key Drivers Behind the Price Boom Bitcoin’s Latest Surge Explained: Key Drivers Behind the Price Boom MikeT November 15, 2024 Share on Follow us on Google news Bitcoin surge Bitcoin’s recent price surge has caught the attention of investors worldwide, leaving many wondering what’s fueling this rally. Over the past week, the world’s largest cryptocurrency experienced a significant boost, climbing to new record levels. Despite a slight pullback, Bitcoin remains in an upward trend, showcasing the resilience of this digital asset.
As of this week, Bitcoin hit a high of $93,477 on November 13, a remarkable feat for the crypto market. The price has since adjusted slightly, trading around $91,079 at the time of writing. Even with this minor correction, Bitcoin’s value has risen by 4.4% today, marking a robust 21.7% increase in just a week.
Political Shifts Boost Market Confidence One of the key factors driving Bitcoin’s recent rally is the growing belief that the crypto market is entering a new bull phase. This optimism has been partly fueled by recent political developments in the United States. The victory of Donald Trump in the presidential election has reignited investor interest in Bitcoin. Known for his favorable view on cryptocurrencies, Trump’s return to the White House has hopes for more supportive crypto regulations.
$BTC Cryptoharian – Since it was first introduced in 2028, Bitcoin (BTC) has continued to be debated. Negative narratives such as fear, uncertainty and doubt (FUD) often emerge, especially when Bitcoin experiences a price increase.
Reporting from cointelegraph.com, although it is now recognized by large financial institutions, investors, and politicians, criticism of Bitcoin is still rolling.
Is It True That Bitcoin Has No Value? One of the biggest criticisms of Bitcoin is the claim that Bitcoin has no intrinsic value. Figures such as Warren Buffet and the late Charlie Munger have even openly called Bitcoin rat poison and contrary to the interests of civilization.
However, Bitcoin supporters such as Dan Held explain that Bitcoin's value lies in its scarcity and usefulness. With a maximum of only 21 million coins, Bitcoin is often referred to as 'digital gold' because it is considered capable of maintaining value like gold.
In addition, economists Aleksander Berentsen and Fabian Schar point out that fiat currencies such as the US dollar or the Euro also have no intrinsic value, so the criticism is considered unfair.
Is Bitcoin Just a Bubble Like Tulip Mania? Bitcoin's rapid rise in price has often been compared to economic bubbles in the past, such as the Dutch 'tulip mania' in the 17th century. Some figures, such as JP Morgan CEO Jamie Dimon, have called Bitcoin a fraud. However, his views have changed over time, and now JP Morgan even invests in Bitcoin through ETFs.
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Victory: White Coat Waste Closes FDA’s Biggest Primate Lab Bitcoin ETF Outflows Hit $1.5B as Price Retreats Bitcoin ETF Outflows Hit $1.5B as Price Retreats Bitcoin exchange-traded funds faced more than $1.5 billion in net outflows over the past four days, even as institutional interest in cryptocurrency remains strong.
This shift in fund flows comes as bitcoin currently trades around $96,000, marking an 11% decline from its all-time high of $108,268 set earlier this month, according to data from CoinMarketCap.
For investors, these outflows signal caution as bitcoin posts its first weekly decline since Trump's election victory, while the Federal Reserve's recent messaging on inflation and interest rates has reshaped market expectations.
Despite the broader market retreat, institutional adoption continues to expand. MicroStrategy announced a $561 million acquisition of 5,262 bitcoins purchased in December at an average price of $106,662, according to a filing with the Securities and Exchange Commission. The company now holds 444,262 bitcoins, purchased at an aggregate price of around $27.7 billion.
Bitcoin ETF Market Trends BlackRock's iShares Bitcoin Trust (IBIT) saw its largest single-day outflow of $188.7 million on Tuesday, bringing its four-day total withdrawal to $229.7 million, according to data from the U.K.-based asset manager Farside Investors
The Fidelity Wise Origin Bitcoin Fund (FBTC) led the four-day outflows with $509.6 million in withdrawals, while the ARK 21Shares Bitcoin ETF (ARKB) lost $286.1 million during the period, according to Farside.
Grayscale's Bitcoin Trust ETF (GBTC) and Bitcoin Mini Trust (BTC), meanwhile, recorded combined outflows of $372.1 million over the four days, Farside reports.
The Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin ETF (HODL) experienced outflows of $58.8 million and $13.5 million, respectively, over the four-day period, based on Farside's data.
The Franklin Bitcoin ETF (EZBC) stood out as the only fund recording positive flows, adding $5.6 million during the period, according to Farside.
Year-to-date flows show IBIT leading with $37.1 billion in inflows, while FBTC has attracted $11.7 billion, according to Farside data. GBTC has seen $21.3 billion in outflows since its conversion from a trust structure.
BNB/USD: The current market price is $700.15, reflecting a 1.02% increase from the previous close.
Support and Resistance Levels The current support levels are $692.00, $688.00, and $684.00, while the resistance levels are $707.00, $711.00, and $715.00, with a pivot point at $695.15.
Indicators The RSI is at 68.09, indicating an overbought condition. The ADX shows a value of 31.12, suggesting a strong trend. The 50-day SMA is at 700.37, and the 200-day EMA stands at 695.69. The Parabolic SAR indicates bullish momentum as the price is above the SAR level.
Market Sentiment Given the market price is above the pivot point ($695.15) and supported by indicators, the outlook is bullish.
In the chart above, FLOKI (FLOKI) is forming a horizontal channel pattern. Generally, horizontal channels are formed during price consolidation. In this pattern, the upper trendline, the line connecting the highs, and the lower trendline, the line connecting the lows, run parallel horizontally and the price action is contained within it.
Horizontal channels are often considered as one of the patterns suitable for determining market timing because the buy and sell points are in consolidation.
At the time of analysis, the price of FLOKI (FLOKI) is listed at $0.00024354. If the pattern trend continues, then the FLOKI price may reach the resistance levels of $0.00027867, and $0.00072147. If the trend reverses, then the FLOKI price may fall to the support levels of $0.00017681, and $0.00011070.