Bitcoin’s Price Skyrockets to $25,000, Reaching Its Highest Point Since June

According to TradingView data, the price of Bitcoin hit $25,256 during the session, an increase of 3.1% over the previous day. That is the most it has cost since June 2022.

Per Noelle Acheson, former head of market insights at Genesis, lower volatility in stocks and bonds, lower oil prices, and a weakening US currency have all benefited bitcoin. It’s also one of the most volatile liquidity plays right now, according to her. Following recent advances and January’s strong run, Bitcoin is up about 50% year to date.

Bitcoin’s daily chart recently formed a golden cross, which is commonly regarded as a positive indication. In contrast, its weekly chart created the first bearish death cross in history. However, other experts regard the golden and death crosses as lagging indications, appearing after the majority of the purchasing or selling has already occurred.

According to Santiment, an on-chain analytics service, Bitcoin rocketed to a six-month high on light accumulation from 100 to 1,000 BTC dealers.

Bitcoin (BTC) surged by over 50% in the first seven weeks of the year, reaching a high of $25,256. Bitcoin was worth $24,610 at the time of this writing.

Peter Brandt, a veteran trader, commented on this: “A golden cross is a fun talking point and nothing more. No real market predictive utility. Peer-reviewed and trader-tested research testify that there is nothing magic about the chart construction.”

The latest price increase may come as a surprise given that the crypto markets were on the verge of collapse last week due to increased regulatory scrutiny from US authorities.

Amid numerous challenges, optimistic sentiment in risk assets has been bolstered by prospects of a milder-than-expected economic slump. Furthermore, some market participants believe the Federal Reserve is on course to decrease the pace of interest rate hikes.

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