Alex Dovnya
Bitcoin hits its highest price since early April, aiming to reach $70,000
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The price of Bitcoin, the leading cryptocurrency, soared to an intraday high of $68,276 on the Bitstamp exchange today.
The cryptocurrency hit its highest since April 12, after falling to $56,500 on May 1 due to stagflation concerns.
It's worth noting that ETF flows are still correlated with price movements. Last week, Bitcoin ETFs recorded positive inflows in all five trading weeks, with total net flows of approximately $950 million.
According to Bitcoin analyst Alessandro Ottaviani, if BlackRock's IBIT and other spot Bitcoin ETFs break records, more inflowIn the near future, Bitcoin price may exceed the $70,000 level.
Bitcoin’s previous attempts to gain a foothold above the aforementioned levels failed. The cryptocurrency topped $70,000 on April 8, skyrocketing to $72,756 before ultimately plummeting 17% in just nine days.
as U.Today reported, Bitcoin prices recently experienced a significant increase following the latest CPI report, which showed a slowdown in US inflation. Bitcoin is expected to benefit from multiple interest rate cuts this year.
This Monday, the largest cryptocurrency soared in tandem with the Nasdaq 100, gaining 0.82%.The correlation between Bitcoin and tech stocks recently reached its highest level highest level In almost a year.
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Alex Dovnya
