Bitcoin was range-bound for a few weeks at a stretch. However, the price revisions are loose now. The coin is back on its upward journey.
After dwindling to the $65,000 bracket a month back, it is finally on track to meet the $100,000 price band. At press time, it is trading at $97,000.
Improvement In Market Sentiment
The biggest factor driving Bitcoin’s price surge is the market’s positive projections ahead of the US Federal Open Market Committee meeting. Most market analysts agree that Bitcoin’s path to $100k is free of roadblocks.
Around 10.20 AM, Bitcoin traded at $96,476.58, marking a daily price growth of 2.13%. However, the rise in daily trading volume is something to look out for.
The most popular coin’s trading volume was $31.36 billion in the last 24 hours. Bitcoin’s staggering growth in the previous day is unmatched. In the same period, the stablecoin price spiked from $93,399.86 to $97,000 and is still rising.
Why Are Bulls Taking Interest In The Coin Again?
New Hampshire passed the Bitcoin Reserve Bill. Meanwhile, America’s latest position regarding global trade has raised the potential for a new US-China trade deal. These two events worked as vital catalysts to fuel the buying frenzy of Bitcoin bulls.
What Does The Future Hold?
The US might release a new crypto bill to restructure how digital assets are traded. The draft of this bill is rumored to include clauses that more fully support investor interests. No wonder, the radiant age for digital assets is finally here!
