Bitcoin (BTC), It has surpassed $65,000 in the last 24 hours, driven by stock market volatility following strong US labor data and new economic stimulus reports from China.
While global stock markets rose after the Chinese leadership promised to stimulate its economy with additional fiscal measures, positive labor market data in the United States further increased investor optimism. Unemployment claims fell by 4,000 last week to 218,000, the lowest level in four months, according to the U.S. Labor Department. On the same day, China’s Politburo announced that it was important to “further improve the focus and effectiveness of policy measures” to support economic recovery.
Commenting on the developments, Wintermute OTC trader Jake Ostrovskis highlighted the impact of China’s latest incentive efforts. “China has introduced another major stimulus measure, with the Politburo pledging to increase fiscal spending through $284 billion of special state issuance and pledging to implement ‘strong’ interest rate cuts,” Ostrovskis said. “The improving liquidity environment is leading to structural upturn and the US spot Bitcoin ETFs record fifth day of inflows.”
This combination of positive economic news helped Bitcoin’s price rise, enabling it to retest the critical $65,000 threshold. However, Ostrovskis warned that the rally could face difficulties ahead. “$65,000 is a big deal. “If Bitcoin cannot maintain this level, it could lead to significant downward pressure on prices,” Ostrovskis said, adding that the current accumulation of open interest could subject the market to sharp corrections.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/bitcoin-65-000-dolari-asti-analist-son-durumu-ve-cin-etkisini-degerlendirdi/
