Bitcoin Breaks $65k Level as ETF Inflows Drive Price Higher
The cryptocurrency market has seen a 2.50% increase in the last 24 hours, reaching $2.35 trillion on May 17. This is driven by the continued inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States. As of May 16, these funds managed approximately $12.40 billion worth of Bitcoin (
BTC), up from $11.18 billion at the beginning of the month. Over 600 firms reported holding Bitcoin ETF funds in their portfolios, with JPMorgan, the world's largest banking institution, and Wells Fargo reporting exposure to Bitcoin ETF funds in a filing with the US Securities and Exchange Commission (SEC).
The Bitcoin ETF inflows coincide with a decline in US bond yields, indicating a growing risk appetite among investors amid a rising crypto market and the likelihood of lower returns in the Treasury market. This trend primarily developed after the US Federal Reserve's two-day Federal Open Market Committee (FOMC) meeting concluded on May 1, which announced they would not raise interest rates in the near future until inflation calms down. On May 15, the US Consumer Price Index (CPI) showed a decline in inflation, resulting in bond investors now seeing the first rate cut happening in September instead of November, as initially expected.
China is likely to drive the price of Bitcoin (BTC), Gold, and other stock assets with the impending Quantitative Easing (QE) in the region's real estate sector. The potential outlook of China's economy with speculations of Quantitative Easing (QE) in the region's real estate sector is likely to impact Bitcoin (BTC) and Gold prices and liquidity in the coming months.
Technical Outlook
Bitcoin (BTC) is up 2.89% as of the time of writing trading at $67,000 per BTC. The asset has a Relative Strength Index (RSI) of 58.97 which is poise for further growth. The daily price chart of BTC depicts a "Bullish Symmetrical Triangle" with a Bullish engulfing candlestick further validating the thesis.
BTC), up from $11.18 billion at the beginning of the month. Over 600 firms reported holding Bitcoin ETF funds in their portfolios, with JPMorgan, the world's largest banking institution, and Wells Fargo reporting exposure to Bitcoin ETF funds in a filing with the US Securities and Exchange Commission (SEC).The Bitcoin ETF inflows coincide with a decline in US bond yields, indicating a growing risk appetite among investors amid a rising crypto market and the likelihood of lower returns in the Treasury market. This trend primarily developed after the US Federal Reserve's two-day Federal Open Market Committee (FOMC) meeting concluded on May 1, which announced they would not raise interest rates in the near future until inflation calms down. On May 15, the US Consumer Price Index (CPI) showed a decline in inflation, resulting in bond investors now seeing the first rate cut happening in September instead of November, as initially expected.
China is likely to drive the price of Bitcoin (
BTC), Gold, and other stock assets with the impending Quantitative Easing (QE) in the region's real estate sector. The potential outlook of China's economy with speculations of Quantitative Easing (QE) in the region's real estate sector is likely to impact Bitcoin (BTC) and Gold prices and liquidity in the coming months.Technical Outlook
Bitcoin (
BTC) is up 2.89% as of the time of writing trading at $67,000 per BTC. The asset has a Relative Strength Index (RSI) of 58.97 which is poise for further growth. The daily price chart of BTC depicts a "Bullish Symmetrical Triangle" with a Bullish engulfing candlestick further validating the thesis.
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