Bitcoin’s Momentum is Picking Up
A key indicator, the MACD histogram, has just turned positive for Bitcoin. This is the first time it’s happened since April 2024, and it’s a big deal! The MACD is basically a fancy way to measure Bitcoin’s momentum, and a positive reading suggests that the price is likely to keep going up.
What Does This Mean for Bitcoin?
This positive change in the MACD suggests that Bitcoin’s short-term price trend is getting stronger compared to its long-term trend. This could mean that Bitcoin is on its way to breaking its previous all-time high of $73,737, which it reached back in March 2024.
Other Factors Contributing to Bitcoin’s Rise
The Fed’s recent decision to cut interest rates is also good news for Bitcoin. Lower interest rates make it easier for businesses to borrow money and invest, which could lead to more demand for Bitcoin.
Big Money is Flowing into Bitcoin
Another sign that Bitcoin is doing well is the amount of money flowing into spot Bitcoin ETFs. These are funds that track the price of Bitcoin, and they’re becoming increasingly popular with institutional investors. In the past week alone, these ETFs saw a whopping $2.13 billion in inflows! This is the highest weekly inflow since March 2024, when Bitcoin hit its previous all-time high.
Retail Investors Still Hesitant
While institutional investors are piling into Bitcoin, retail investors are still a bit hesitant. This is probably because Bitcoin is still considered a volatile investment. However, with all the positive signs, maybe retail investors will start jumping on board soon.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $68,048, down slightly in the past 24 hours. However, with all the positive momentum, it’s likely to bounce back soon.
