Bitcoin's price reached new heights, mirroring the rise in US stock indices, drawing increased attention to the cryptocurrency.
Bitcoin Follows Stocks' Rally
Data from Cointelegraph Markets Pro and TradingView showed three-week highs near $63,500 on Bitstamp. This followed a 0.5% interest rate cut by the Federal Reserve. Stocks and gold also headed higher, with the S&P 500 nearing new record highs.
Traders Remain Optimistic
Popular trader Byzantine General described Bitcoin spot markets as 'strong,' while analyst and entrepreneur Michaël van de Poppe noted that BTC/USD was performing positively. He suggested that there might be some consolidation before the price continues to rise.
Shift in Institutional Investor Positions
Data from CryptoQuant showed a significant decline in short positions on Bitcoin among institutional investors over the past five months. CryptoQuant founder Ki Young Ju noted that CME futures net positions had declined by 75%. At the same time, data from Farside Investors indicated negative net inflows into US spot Bitcoin ETFs for September 18.
The heated atmosphere in US stock markets and significant changes in monetary policy have drawn attention to Bitcoin, contributing to its price increase. The interest of institutional investors also plays a crucial role in this process.
Comments