The price returned again !!
After the price of Bitcoin fell rapidly below the level of $60,000, the price returned again to rise above this crucial psychological level and even rose above it by more than $3,000.
This noticeable recovery in the price of Bitcoin is certainly driven by several factors, which we have narrowed down to five prominent factors as follows:
1- Market response to recent economic data:
Recent economic data has boosted investor confidence, despite the Federal Reserve's hawkish stance and inflation fears.
2- Bitcoin ETF Flows:
Bitcoin ETFs have seen volatile trading recently, with changes in cash flows observed, but recent days have shown a clear recovery in inflows, boosting confidence among investors.
3- Impact of ETFs in Hong Kong:
The approval of Bitcoin and Ethereum ETFs in Hong Kong has led to a significant increase in positive momentum, with these funds raising $258 million within just one week of trading, reflecting the growing interest in digital assets in the East Asian region.
4- Pension plans are increasingly interested in cryptocurrencies:
Several reports indicate increasing discussions among pension funds about investing in cryptocurrencies, reflecting a shift in institutional investment strategy towards increased reliance on these digital assets.
5- Buy the dip strategy:
Investors take price declines as opportunities to buy, especially in light of the declines that follow Bitcoin mining reward split events, with expectations of future price increases, based on historical trends that occur after these events.
