Bitcoin: Factors Supporting the Price Above $98K

by A1

3 hours ago

Bitcoin's price continues to stay above $98,000, supported by factors such as decreasing exchange reserves and a weakening US dollar.

Less Bitcoin on Exchanges

The decreasing supply of Bitcoin on exchanges has contributed to the price increase. BTC exchanges balances have reduced by 13% in the last six months as investors move their funds to private wallets, showing intentions to hold their assets with expectations of future price rises.

Whales are buying this dip.André Dragosch

Weakening US Dollar

The US Dollar Index (DXY) dropped due to tariff threats by President Trump. A weakening dollar could enhance risk assets like Bitcoin.

If $DXY continues to fall, this could mark the next leg of the crypto bull market.Lark Davis

Strong Spot Bitcoin ETF Inflows

The rise in Bitcoin's price is also supported by strong inflows into Bitcoin spot ETFs, with billions in investments flowing into these financial products.

Several factors continue to uphold Bitcoin's price increase. Despite price fluctuations, market participants remain optimistic, anticipating further growth in Bitcoin's stance amid a weak dollar and diminished BTC supply on exchanges.

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