Bitcoin (BTC) worth marked a milestone achievement right this moment because it topped the extremely optimistic $61,000 degree once more. The cryptocurrency at the moment rides the again of significant bullish market dynamics, transferring nearer towards the essential resistance of $64K-$66K. The major elements driving the flagship coin’s uptrend embody looming price cuts, sturdy market uptrend, and different essential on-chain statistics.
Here’s a quick report on potential causes driving the world’s largest cryptocurrency’s uptrend right this moment, August 22.
U.S. Fed Minutes Spark Optimism Over Rate Cuts Ahead
Dovish U.S. Fed Minutes from the July assembly indicated a looming price lower as quickly as September, i.e., subsequent month. The newest assembly hinted that officers present an inclination in direction of a extra accommodating financial coverage.
CME Fed Watch Tool information right this moment illustrated that 71.5% stay in anticipation of a 25 bps price lower forward. Meanwhile, 28.5% count on a 50 bps price lower looming over the horizon.
The FOMC minutes mirrored rising issues amongst govt. officers relating to the nationwide financial terrain. It additionally hinted that the U.S. central financial institution is able to act dovish ought to market dynamics favor the choice.
Bitcoin Price Mirrors Market Technicals
Meanwhile, the BTC worry and greed index sparked extra investor enthusiasm right this moment, recovering from a low of 29 final week to 39 right this moment. As talked about above, the Bitcoin market seems to be reacting positively to FOMC minutes.
Additionally, the derivatives market information spotlights a robust market uptrend for BTC in tandem with right this moment’s worth upswing. Coinglass data revealed a 5.59% upswing within the coin’s futures O.I. to $32.28 billion. Further, the derivatives quantity spiked 22.87% to $68.61 billion, per the info. Coupled with right this moment’s worth upswing, this information solidifies buyers’ optimism within the asset, pushed by elevated market curiosity.
Further, Bitcoin ETFs noticed steady inflows prior to now 5 buying and selling days, price $236.6 million. The newest replace from Farside U.Ok. exhibits $39.5 million inflows in ETFs as of August 21, with Grayscale main the pack. The improve in institutional demand for the crypto’s exchange-traded product in latest days additional aligns with Bitcoin worth upswing.
Bitcoin Price Soars 3%
At press time, BTC price rallied practically 3% to achieve $60,904. The coin’s 24-hour lows and highs have been recorded as $58,893.16 and $61,834.35 respectively, underscoring a break above the $61K mark.
This pumping motion mirrors a 24-hour buying and selling quantity surge of 25.61% to $36.52 billion. Moreover, even the worldwide crypto market cap witnessed a 2.36% pump in worth to $2.15 trillion, underlining sturdy market dynamics.
Bitcoin’s dominance stood at 55.86% right this moment, a slight 0.05% slip in worth over the previous day. Nonetheless, a latest report by CoinGape revealed that the BTC’s dominance inched nearer to a 40-month excessive, fueling additional optimism.
Also, it’s price mentioning that the continued U.S. presidential campaigns have introduced crypto below the highlight. In addition, a latest report by CryptoQuant spotlights that short-term buyers kind essential resistance at $64K-$66K, including a layer of intrigue to Bitcoin worth actions forward.
Coingape Staff
CoinGape contains an skilled crew of native content material writers and editors working around the clock to cowl information globally and current information as a reality quite than an opinion. CoinGape writers and reporters contributed to this text.
Disclaimer: The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
