Bitcoin Price Breaks $69,400: What’s Fueling the Surge?
Elena R12 Jun 20241 min read
Bitcoin’s (BTC) price soared past $69,400 on Wednesday, bouncing back from just under $66,000 in the last 24 hours. This significant rise has lifted the entire altcoin market, pushing the total market cap up by 3 percent to about $2.65 trillion.
Here’s what’s causing the increase.
Why is the Bitcoin Price Increasing?
Bitcoin’s recent surge past $69,000 comes amid increased activity by large investors, known as whales. Despite U.S. spot Bitcoin ETFs experiencing two days of cash outflows—$65 million on Monday and around $200 million on Tuesday—market data suggests a bullish sentiment.
This is supported by declining balances on crypto exchanges, with over 14,140 Bitcoins (worth about $954 million) being withdrawn in the past two days.
Bitcoin’s sharp rise on Wednesday also coincided with the release of lower-than-expected Consumer Price Index (CPI) data by the U.S. Bureau of Labor Statistics.
This news has led crypto traders to speculate on possible interest rate cuts by the Federal Reserve, potentially mirroring actions by the European Central Bank (ECB) and the Bank of Canada.
Aiming for the $80,000 Mark
Bitcoin has attempted to break above $73,000 several times recently without success. However, the coin has gathered strong bullish sentiment, raising the prospect of a surge towards $80,000.
In case of bullish rejection, Bitcoin’s price has established a solid support level above $61k, which could hold until the buyers regain control.
Also Read : May US CPI Ease To 3.3%; BTC Price Surge To $69K
Where do you see the Bitcoin price headed next? Bullish or bearish? Let us know!
