Bitcoin (BTC) may finally be shaking off its recent slump, with a promising 2.78% increase in the last 24 hours. However, despite a recent dip, the coveted $70,000 mark remains elusive.
Behold the current state of the token market: the mighty BTC/USD pairing stands tall at $68,981, having bravely emerged from its recent slump of $66,861. But don’t be fooled by its 3% surge, for this is not the beginning of a mere bullish trend. No, dear investors, there is more to this story than meets the eye.
The cryptocurrency market was buzzing with anticipation as the week began, with Bitcoin showing a bullish trend and soaring to a staggering $71,239.
But disaster struck just as investors were ready to celebrate a new record and the possibility of reaching $80K this month. In a sudden turn of events, Bitcoin plummeted below the $70K mark, leaving everyone wondering what went wrong. What could have caused this unexpected dip, preventing Bitcoin from breaking its own record and establishing a new support level?
The Damage of Inflation
The dreaded enemy of Bitcoin, inflation, is wreaking havoc on the cryptocurrency. The latest updates from the FOMC meeting and reports on retail sales and the Consumer Price Index have revealed a grim reality – inflation is soaring beyond expectations and refusing to back down. The United States, in particular, is facing an unyielding battle against this relentless force.
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Without the buzz of potential spot ETF approval, Bitcoin’s value would have plummeted. But thanks to the persistent whispers of the Securities and Exchange Commission greenlighting these ETFs, Ethereum and other cryptocurrencies are riding the wave of optimism and maintaining their soaring prices.
Despite the buzz, Bitcoin has yet to break the $70,000 mark. However, the current state of BTC could have been far worse if not for a powerful rumor that has been fueling its ups and downs. But fear not, as Bitcoin has emerged from its slump and is showing signs of a potential surge.
And if the SEC gives the green light to ETFs, we could see Bitcoin skyrocket past $70K in the blink of an eye.