Bitcoin is making a comeback, but it’s still a bit shaky. Prices are holding steady, but there’s a lot of uncertainty. If the bulls can push through and break the $70,000 mark, things could get really interesting.
New Investors Are Jumping In
A recent price surge from $57,000 to $69,000 attracted a lot of new investors. The number of new users jumped by 3%, which is pretty significant considering the market was still recovering from the FTX crash. This suggests that people are optimistic about Bitcoin’s future.
Trump’s Influence?
This surge in new investors coincides with some big events in the US. Former President Trump, who is running for president again, was the target of an assassination attempt. He also gave a big speech at the Bitcoin Conference in Nashville, where he declared his support for Bitcoin and promised to make the US a crypto leader.
Trump’s backing could be a big reason why more people are getting into Bitcoin. He’s a powerful figure, and his support could make a lot of people more comfortable with investing.
Whale Activity Remains High
On-chain data shows that big players, known as “whales,” are still very active in the market. The average monthly transfer volume is still high, even though it’s been dropping since the Luna crash. This suggests that whales are still making big moves, which could have a big impact on the price.
Overall, Bitcoin is showing signs of life, with new investors coming in and whales still active. Trump’s support could be a big factor in the market’s future, but it’s still too early to say for sure.
