At 11:45 AM IST today, Bitcoin was up 1.2% at $69,045, briefly hitting the $69,450 mark.
Bitcoin stood at a three-month high in early Asian trading on Monday. The world’s top cryptocurrency gained 9.6% last week and is up more than 8% for the month so far.
The moving average convergence divergence (MACD) histogram, a key technical analysis tool for measuring trend strength and shifts, is showing positive for Bitcoin on the weekly chart, for the first time since April, as per TradingView, reinforcing the potential for a move above $70,000.
Insights by Bloomberg
As per a Bloomberg report, Bitcoin rose today following a surge in inflows into its exchange-traded funds (ETFs).
US spot-Bitcoin ETFs recorded about $2.4 billion in net inflows over the six days leading up to October 18, as per Bloomberg data.
The surge was fuelled in part by expectations of more favourable US cryptocurrency regulations following the November 5 election.
Market situation
Currency fluctuations in major markets last week were influenced by the European Central Bank’s dovish rate cut and robust U.S. economic data, which delayed expectations for a rapid decline in U.S. rates, especially in the event of a Trump presidential victory.
Trump’s pro-crypto stance has boosted investor confidence, advocating for cryptocurrency as vital for US economic growth. His success is seen as inflationary, affecting global trade, limiting Fed rate cuts, and driving higher yields, a stronger dollar, and gains in stocks and cryptocurrencies.
