Bitcoin price jumps above $57,000 - these are the drivers
On Monday, the Bitcoin-price already made a big jump above the $53,000 mark.
On Monday, the Bitcoin-price already made a big jump above the $53,000 mark. Now the price has reached a new peak for the year of $57,109 on Tuesday. Here are the possible drivers.
Update: The Bitcoin price is currently up 10 percent on a 24-hour basis, reaching a new high for the year of $57,109 (at 3:45 a.m.).
So-called open interest in the Bitcoin futures market has also reached a new high for the year. This indicates high trading interest from market participants, especially professional investors.
The last time the View post on X, was in November 2021, when the crypto market peaked. This means that a total of $22 billion in BTC futures contracts remain open or unfunded.
The Bitcoin price also continues to receive support from ETFs. Every day, many more millions of US dollars flow into financial products, leading to additional demand in the market. This Monday, there were new record trading volumes. The BlackRock Bitcoin ETF broke its previous record trading volume by 30 percent.
On the other hand, outflows from the Grayscale Bitcoin ETF continue to stall. Last Monday's sales were the lowest ever. So excess demand for Bitcoin may continue to grow.
At the same time, BTC holdings are at historic lows. Equity market bottlenecks continue to increase, which also affects the OTC market.
In addition, Michael Saylor announced today via X that he has acquired another 3,000 BTC with his company Microstrategy. Such "bullish" news can create additional buying sentiment among retail investors.
Technical chart arguments aside, the upcoming BTC halving in April is creating a positive mood in the crypto market. After all, investors expect a Bitcoin rally after the halving. At least that has been the experience of the last Bitcoin cycles.
