🚀 Bitcoin Roars Back: $114K Reclaimed as Wall Street Sets R
koinmilyoner
Updated at: 2 hours ago
{"content":"🚀 Bitcoin Roars Back: $114K Reclaimed as Wall Street Sets Records
After breaking 50-day EMA barrier, bitcoin trades over $114,000.
The greatest daily inflow for US Bitcoin ETFs since mid-July is $757 million.
S&P 500 and Nasdaq hit new highs Wednesday, bolstering risk sentiment.
Market traders anticipate US inflation data to predict Fed monetary easing.
Bitcoin (BTC) price reclaims $114,000 on Thursday after breaking above the crucial resistance zone the day before. A $757 million increase in US Bitcoin ETF inflows, the greatest since mid-July, and record S&P 500 and Nasdaq highs increased risk sentiment and positive momentum. Future US inflation statistics will help traders predict the Fed's monetary easing pace.
On Wednesday, risk-positive market mood drove bitcoin price past $114,000 to $114,313. The S&P 500 and Nasdaq closed Wednesday at record highs, while Japan's Nikkei 225 index rose over 1% on Thursday to a new record high.
According to CME Group FedWatch, the US central bank is 92% likely to lower rates by 25 basis points (bps) in September and 8% likely to decrease rates by 50 basis points.
Best single-day ETF inflow since mid-July
Institutional demand boosted bitcoin price. The SoSoValue data reveals that Bitcoin spot ETFs saw a $757.14 million inflow on Wednesday, maintaining their three-day run.
Net stablecoin influx peaks annually.
Monday saw Binance's greatest net stablecoin influx of almost $6.2 billion, according to CryptoQuant. Binance's stablecoin reserves are also nearing $39 billion, a record.
BTC closes above 50-day EMA
After recovering on Monday, bitcoin price reached the 50-day Exponential Moving Average (EMA) at $112,981, but it was rejected the next day. It rose 2.16% Wednesday, closing above the 50-day EMA. As of Thursday, it trades about $114,000.
BTC may climb toward its next daily barrier around $116,000 if it finds support around the 50-day EMA at $112,981. A closing above the latter might extend advances beyond $120,000, its psychological threshold.
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