Cryptocurrency market experts name the reasons for bitcoin’s sharp rise to $ 65,000

Cryptocurrency analysts have drawn attention to the change in the quotes of the flagship digital asset, explaining the likely reasons.

According to CryptoQuant founder and CEO Ki Young Ju, wallets holding at least 100 BTC have resumed cryptocurrency accumulation, collecting a significant amount of bitcoin at current rates. This move by the whales is expected to have a significant impact on the market, potentially strengthening bitcoin’s position and paving the way for further growth.

However, the accumulation of whales contrasts with the recent trend of spot bitcoin ETFs. Eleven U.S. bitcoin exchange-traded funds recorded nearly $ 871 million in outflows this week, indicating a divergence in investment strategies between institutional investors and individuals.

On a macroeconomic level, the Federal Reserve’s dovish stance could fuel bitcoin’s upward momentum. As the central bank maintains a loose monetary policy, investors may increasingly turn to bitcoin to hedge against inflation and diversify their portfolios.

Traders are advised to keep a close eye on the $ 60,000 mark, as a drop below this critical level could result in the liquidation of more than $ 700 million in long leveraged positions on various exchanges. Such a scenario could lead to increased volatility and potentially put pressure on the price of the cryptocurrency.

According to the analytical tracker CoinMarketCap, at the time of writing, the market leader is trading at $ 64.296 with a market capitalization of $ 1.26 trillion. Traders have made daily trading deals worth $ 29.8 billion.