Bitcoin rose to $45,435, up 5.3% in one day and up 6.3% over the week, according to data from CoinMarketCap.
This upward trajectory takes the cryptocurrency past the $45,000 threshold, a figure last seen in the wake of the US Securities and Exchange Commission (SEC) decision. historic approval of Bitcoin spot ETF.
The enthusiasm around Bitcoin (btc) the price increase is further amplified by the significant trading volume observed in the spot market Bitcoin ETFwhich yesterday surpassed $1 billion, with BlackRock and Fidelity leading the way, according to Bloomberg's James Seyffart.
โBitcoin rose above its 50-day moving average, confirming the medium-term bullish trend and easing fears of a deeper correction,โ said Alex Kuptsikevich, senior analyst at FxPro.
He also highlighted the importance of weekly closes as benchmarks for market sentiment, emphasizing that Bitcoin and the broader crypto market have emerged stronger after consolidation, with the potential to hit new highs.
Market dynamism is also influenced by expectations surrounding the Federal Reserve's interest rate policies. Recent comments from Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester suggest potential rate cuts later this year, adding to cryptocurrencies volatility and investment attractiveness, like BTC.
