CandleFocus Bitcoin price retests $65k; thanks to whales and sharks
2024-09-26
Author: Content Editor
The price of Bitcoin has reached $65,000, marking a technical bull market and a 21% increase from its lowest point this month. The rise in price has been driven by increased accumulation by large investors and institutions, including MicroStrategy, which recently purchased $458 million worth of Bitcoin. Institutional investors have also been increasing their purchases, with net inflows totaling over $600 million this month. Factors such as falling interest rates, rising global money supply, and stimulus measures by the Chinese government have contributed to a risk-on sentiment among investors. Additionally, Bitcoin's price has been supported by improving technical indicators, such as the formation of an inverse head and shoulders pattern and a rising Relative Strength Index. However, a clear bullish breakout will be confirmed once Bitcoin moves above a descending trendline.
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