Strong Spot Demand
- Increased demand in the spot market suggests the rally may have staying power.
- Data shows $40.7 million in short positions were liquidated, pushing prices higher.
BTC Halving Approaching
- The upcoming halving (reducing Bitcoin rewards) is expected to drive prices higher.
- Experts believe the halving is not yet fully priced in.
Correlation with Gold
- Bitcoin and gold, both seen as safe-haven assets, are moving in tandem.
- Gold’s recent all-time high has influenced Bitcoin’s price.
Strong Weekly Close
- Bitcoin’s price closed above its 2021 high for the second consecutive week, indicating bullish sentiment.
Hong Kong ETF Anticipation
- The potential launch of spot Bitcoin ETFs in Hong Kong has boosted market optimism.
- Major Chinese asset managers are preparing to enter the ETF market.
Additional Factor: “Ethena-Effect”
- Ethena Labs is purchasing BTC to create a synthetic dollar product.
- This move has drawn attention from the crypto community.
