Bitcoin reaches highest point in three months – Sherwood News
Bitcoin has surged to a three-month high following a positive CPI report, reaching $96,000 on Wednesday morning. This surge has been accompanied by significant inflows into Bitcoin ETFs, with $753.7 million recorded on Tuesday, the highest since October 7. The Fidelity Wise Origin Bitcoin Fund received the majority of these inflows, followed by the Bitwise Bitcoin ETF.
CoinMarketCap’s Fear and Greed Index currently stands at 52, indicating a neutral sentiment among investors. This comes after a crypto crash on October 10 that resulted in $19.1 billion in crypto liquidations. Despite this, concerns linger regarding the potential impact of the administration’s investigation into Fed Chair Jerome Powell on Bitcoin.
Dean Chen, an analyst at Bitunix, highlighted key levels to watch in the short term, with $91,031 serving as crucial support and $97,237 as a significant resistance zone. Chen emphasized the importance of monitoring macroeconomic variables such as interest rates and central bank policies, as they can have a significant impact on cryptocurrency volatility.
Looking ahead, Bitget Wallet’s research analyst Lacie Zhang expressed optimism about Bitcoin’s potential to reach the $120,000 mark in the next three to five months as sentiment and inflows improve. Zhang also suggested that by the end of the year, Bitcoin could potentially reach $180,000, driven by growing structural demand in the market.
Overall, the recent stability in Bitcoin’s price suggests that investors are regaining confidence in the market and focusing on long-term growth rather than short-term gains. Despite ongoing concerns surrounding central bank policies and macroeconomic uncertainties, analysts remain bullish on Bitcoin’s prospects for continued growth in the foreseeable future.
