At the beginning of May, Bitcoin, the largest cryptocurrency by market capitalization, showed a sharp rise, reaching $97,000. The growth occurred against a background of positive financial news and renewed interest in risk assets.
Bitcoin's Surge: Data and Indicators
On May 1, Bitcoin increased from $94,115 to $97,483, marking its highest level since February 21. The cryptocurrency has recovered 21% from February and 28% from early April when it reached a low of $75,000.
Short-Term Holders Return to Profit
The recent price jump to $97,000 has allowed short-term holders (STHs) to return to profit. According to analytics firm Glassnode, investors holding Bitcoin for over a month are back in the black. This shift may ease sell pressure from older STHs and signal potential positive market momentum if the trend is maintained.
Macroeconomic Situation and Forecasts
Nonfarm payrolls data showed a rise of 177,000 in April, exceeding Dow Jones estimates, although the unemployment rate remained at 4.2%. A Federal Reserve meeting is scheduled for next week, where rates are expected to remain unchanged.
Bitcoin is showing positive changes, which may indicate potential for further growth. Market conditions and economic factors play a crucial role in shaping the next direction for the cryptocurrency.
