BTC rises 10%, Bitcoin's 200-day moving average hits new all-time high

During a recent appearance on CNBC's Squawk Box show, venture investor and entrepreneur Anthony Pompliano (commonly known as Pump within the crypto community) discussed the factors that have been pushing Bitcoin up since Friday. Shared with casters.

Pump said that Bitcoin has continued to grow since the beginning of the year, despite daily fluctuations.

Factors driving Bitcoin price recovery: 200-day moving average ATH

Pompliano acknowledged that recent price movements surrounding the halving have been as expected. Historically, the month before a halving occurs, the price increases by about 19%, but in the month following the halving, BTC only increases by about 1-2%. He pointed out that this is more or less what we are seeing at the moment.

Still, the world's leading cryptocurrency has risen more than 10% since Friday. Pump said the price rally was spurred by the fact on Friday that Grayscale's GBTC ETF recorded $63 million in inflows for the first time since January, after four months of consistent outflows. The pompous statement reminded the audience that this is the largest Bitcoin ETF, and the first inflows began, spurring the price up.

Another important factor cited by Pump was the fact that Bitcoin's 200-day moving average reached an all-time high, surpassing $50,000 for the first time.

However, after crossing the $65,000 level earlier today, this top cryptocurrency has fallen by 2.14% and is trading at $63,800 as of this writing.

About the author

Yuri Molchan

Yuri is interested in technology and innovation. He has been writing about his DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to change the world in many aspects in the future. He has contributed to multiple crypto media. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, and Max Keizer.