{"id":599679,"date":"2024-03-26T08:05:45","date_gmt":"2024-03-26T08:05:45","guid":{"rendered":"https:\/\/ktsl888.com\/?p=599679"},"modified":"2024-06-11T07:57:21","modified_gmt":"2024-06-11T07:57:21","slug":"bitcoin-price-surges-past-71000-4-key-reasons","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-surges-past-71000-4-key-reasons\/","title":{"rendered":"Bitcoin Price Surges Past $71,000: 4 Key Reasons Behind The Rally"},"content":{"rendered":"

The Bitcoin price has soared past the $71,000 mark. In the past 24 hours alone, the price of Bitcoin surged by 6.5%, climbing from just below $65,500 to reach $71,491. This remarkable rally can be attributed to a combination of factors that have collectively contributed to the upward trajectory of the world’s leading cryptocurrency. Here’s a closer look at the four key reasons behind Bitcoin’s latest price surge.<\/p>\n

#1 Futures Market Influence<\/h2>\n

The futures market has played a pivotal role in driving Bitcoin’s price upwards. According to data<\/a> from Coinglass, the past 24 hours have seen the liquidation of 64,480 traders, with total crypto liquidations amounting to $184 million. Specifically, for Bitcoin, shorts worth $56.9 million and longs worth $16 million were liquidated.<\/p>\n

Byzantine General, a crypto analyst, noted<\/a> the significant increase in open interest, suggesting that leverage has been a major factor propelling Bitcoin’s price higher. He stated, \u201cI can’t help but have the feeling that BTC is trading like someone knows something. A billion $ in open interest got added in the past couple hours. It’s mostly this leverage that pushed us higher I think.\u201d<\/p>\n

Related Reading: To Infinity And Beyond: Analyst Forecasts Bitcoin To Hit $100,000 In High-Speed<\/a><\/div>\n

Furkan Yildirim, another analyst, cautioned<\/a> about the sustainability of this rally, pointing out the over $1.7 billion in open interest built up since yesterday as a sign of overleveraged positions. \u201cThe whole truth is that over $1.7 billion in open interest has been built up since yesterday. We are increasingly seeing the use of overleveraged positions again,\u201d he remarked, raising questions of the sustainability of the move.<\/p>\n

#2 Bullish News For Bitcoin<\/h3>\n

The rally was further propelled by a series of optimistic news. Notably, the London Stock Exchange (LSE) announced its plan to introduce a market for Bitcoin (BTC) and Ether (ETH) exchange-traded notes (ETNs) by May 28. This decision opens the door to professional investors in Europe and signifies the growing institutional acceptance.<\/p>\n

Related Reading: Bitcoin Top In Yet? What The Legendary MVRV Ratio Says<\/a><\/div>\n

Moreover, the news of Peruvian Nilam Resources expressing intent<\/a> to purchase 24,800 Bitcoins (worth $1.7 billion) “at a discounted rate relative to current market prices” through an acquisition strategy involving MindWave, a special purpose entity, has injected a dose of exhilaration and skepticism into the market, given Nilam’s microcap OTC stock status.<\/p>\n

#3 Bitcoin ETFs And Coinbase Premium<\/h3>\n

Another critical factor influencing Bitcoin’s price rally was the dynamics surrounding Bitcoin ETFs and the Coinbase premium<\/a>. The Coinbase Premium Gap turned positive again yesterday, as observed by CryptoQuant analyst Maartunn, indicating a robust demand for spot Bitcoin ETFs.<\/p>\n

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Guess who's back? Bitcoin: Coinbase Premium Gap is positive again
https:\/\/t.co\/0C7YyyFe2T<\/a> pic.twitter.com\/b73XbSygbl<\/a><\/p>\n

— Maartunn (@JA_Maartun) March 25, 2024<\/a><\/p><\/blockquote>\n