Bitcoin Nears $65K as Momentum Slows
While Bitcoin (BTC) is enjoying a price surge as it recovers, the coin is slowing down and showing signs that the bull run may be over.
Bitcoin is up 1.52% today, at a price point of $64,793 (BTC/USD), closing in on $65K. That is a price level we have not seen from this coin in weeks, and investors are hyped about the progress Bitcoin is making back toward its previous high levels.
The coin has climbed more than 10% over the last week, but that upward progress looks to be slowing. Bitcoin’s trade volume has decreased today, dropping 5% compared to yesterday, though it is still high. Almost $38 billion in Bitcoin changed hands over the most recent 24-hour period.
That is a much higher trade volume than we have seen from Bitcoin in recent weeks, where many investors were getting rid of their Bitcoin or sitting on it hopefully, waiting to see if Bitcoin would turn around. We are in a buyer’s market right now, though, with Bitcoin a hot commodity as the crypto market is recovering from its May and June doldrums.
Will Bitcoin’s Speed Pick Back Up?
While Bitcoin is slowing, that may just be a temporary situation. The coin has a lot of upward momentum right now, and it may simply have hit a small hump. We do expect the coin to continue climbing, especially with so many factors working in its favor right now.
The big hindering factor right now is the supply of Bitcoin. Several governments as well as the defunct Mt. Gox exchange have been putting Bitcoin back into the market by the millions of dollars. That has devalued the coin considerably, but for the moment, it looks like Bitcoin has overcome that factor.
There are several positive factors to consider that we believe will help push Bitcoin higher over the next few days. US inflation has eased even more, with the Federal Reserve looking hopeful on the state of inflation. In addition, a variety of ETF products are about to hit the market, and those could give Bitcoin and other cryptos a boost. The stock market is trading well too, hitting all-time highs and showing signs of vigorous health.
Bitcoin has further enjoyed a boost after the failed assassination attempt on former US president Donald Trump. Both Trump and his running mate JD Vance have expressed support for Bitcoin, and political analysts say that Trump’s chances at the presidential office have increased since the shooting.
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