Bitcoin climbed above the $47,000 mark on Friday reaching a new monthly high. The king cryptocurrency is attracting heavy bullish sentiments and could be geared up for a rally this weekend. BTC is up nearly 110% in 365 days doubling investors’ portfolio in a year. The leading cryptocurrency delivered exceptional results and remains a force to reckon with in the global financial markets.
So why is Bitcoin rallying the charts today? In this article, we will highlight what made BTC spurt in price and trade in the green after nearly a week.
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Bitcoin: Why is BTC Up Today?
The selling pressure from Bitcoin ETF investors eased this week as BTC prices experienced an increase in the charts. The development indicates there’s a good demand for Bitcoin ETF, as selling pressure decreased due to its sustainable price rise. Bitcoin ETF holders and miners have now started taking ‘long positions’ and that’s driving BTC prices up.
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If the momentum continues, Bitcoin could also reach $48,000 during the weekend. The asset added close to 15% in two weeks as positive sentiments are taking over the market. BTC’s rise comes at a time when the S&P 500 Index reached an all-time high of 5,000 points. The Nasdaq Index also reached an all-time high of 15,800 on Thursday.
All these developments are reflecting positively as investors’ confidence is making a comeback. The cryptocurrency market moves in tandem with the stock market making Bitcoin climb above the $47,000 mark.
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BTC pulls other cryptocurrencies up along with it and Ethereum is now hovering around the $2,500 mark. The majority of altcoins like Ripple’s XRP, Cardano’s ADA, and Binance’s BNB all remain in the green today. Therefore, the cryptocurrency market could perform well during the weekend and short-term investors could make decent profits in the next two days.
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