Hassan Maishera
TL;DR
-
Bitcoin touched the $67k mark on Friday after adding more than 4% to its value.
-
The positive performance comes after stronger-than-expected U.S. economic growth data.
BTC Surges By 4% to Hit $67k
The cryptocurrency market finally got a break after recording losses for the best part of the week. Bitcoin added more than 4% to its value over the last 24 hours, recovering from its earlier dip.
Thanks to this positive performance, Bitcoin’s price touched the $67k level for the first time in nearly five days. At press time, Bitcoin’s price stands at $67,062.
The positive performance comes after stronger-than-expected U.S. economic growth data on Thursday. Inflation pressures, measured by the Personal Consumption Expenditure (PCE) price index, declined from 3.4% to 2.6%. The decline indicates progress toward the U.S. Federal Reserve’s 2% inflation target.
The decline in the PCE price index also means the likelihood of the US Federal Reserve decreasing its interest rate in September increased. With rate cut expected later this year, many analysts are confident that Bitcoin and other major cryptocurrencies could rally in the medium to long term.
Ether, the second-largest cryptocurrency by market cap, is up by more than 2% and is now trading above $3,200 once again. While speaking to Cryptowisser about Bitcoin’s price trend, Ruslan Lienkha (chief of markets at YouHodler), said,
“This year, BTC has reached the $71,000-$72,000 zone at least four times, suggesting we might see this price level again soon. Positive developments, such as the approval of ETH ETFs and political support from the Republicans, could help the price finally break through the strong resistance at $72,000 and reach a new all-time high. Otherwise, the price may remain in this range for another month.”
