Bitcoin Price Hits New ATH at $71,000: What’s Behind the Rebound?

• Ethereum (ETH) price once again exceeded $4,000, and major altcoins such as XRP, SOL, ADA, DOGE, and SHIB suddenly surged 3-8%.
• ETH price rose to $4,015, driven by an 80% increase in trading volume over the past 24 hours, indicating significant interest among traders prior to the Decun update.
• This development coincides with the news that the London Stock Exchange (LSE) has opened applications for listing Bitcoin and Ethereum exchange-traded funds (ETFs).

As the price of Bitcoin strengthens above $71,000, investors are wondering what is causing the surge. Here’s what’s triggering the uptrend!

Bitcoin price exceeds $71,000.

Bitcoin (BTC) price is currently above $71,000, hitting a new all-time high and gaining momentum among cryptocurrency investors towards the $100,000 target. Other cryptocurrencies are also on the rise. The price of Ethereum (ETH) exceeded $4,000 again, and major altcoins such as XRP, SOL, ADA, DOGE, and SHIB suddenly surged 3-8%.

ETH price rose to $4,015, driven by an 80% increase in trading volume over the past 24 hours, indicating significant interest among traders prior to the Decun update. The price of Bitcoin (BTC) suddenly exceeded $70,000, breaking an all-time high. BTC price rose more than 4% in the last 24 hours, reaching a maximum of $71,646. This move comes as the digital currency has been on a steady parabolic rise since the beginning of the year, along with other factors.

According to Bloomberg, this development coincides with the news that the London Stock Exchange (LSE) has opened applications for listing Bitcoin and Ethereum exchange-traded funds (ETFs). This will push those running exchange traded funds to embrace Bitcoin and cryptocurrency products. Last week, Germany’s Deutsche Boerse launched the Deutsche Boerse Digital Exchange (DBDX), a fully regulated cryptocurrency trading platform for trading cryptocurrency assets including Bitcoin and Ethereum.

Among other factors, the US Dollar Index (DXY) fell below 102.7 on Monday, its lowest level since mid-January. Additionally, U.S. Treasury yields fell to 4.058% from 4.219% last week. Investors are now focused on new economic data expected this week, with an eye on US CPI inflation data due to be released over the weekend, which could impact the US Federal Reserve’s monetary policy outlook.

Is Bitcoin Heading to $80,000?

According to Coinglass data, approximately $360 million in cryptocurrency liquidations occurred in the last 24 hours, with more than 120,000 traders liquidated. The largest single liquidation order for BTCUSD worth $8.88 million occurred on the Bybit cryptocurrency exchange. BTC experienced $34 million in liquidations in four hours, with over $31 million in short positions liquidated. Additionally, ETH recorded a total liquidation of $11.5 million in the last four hours, with $10 million of short positions liquidated.

During the lower period, Bitcoin’s resistance was observed at $71,500. The Crypto Fear Greed Index has risen back to 82 after the weekend decline, with market sentiment currently in ‘extreme greed’ territory.

However, according to Deribit data, options traders appear very optimistic about opening positions in BTC’s $80,000 level after successfully hitting $70,000 last week. Additionally, CME BTC futures open positions increased 2% to $10.59 billion, according to CoinGlass data.

Experts such as Robert Kiyosaki, author of Rich Dad, Poor Dad, Fundstrat’s Tom Lee, and Michael van de Poppe predict that the price of Bitcoin will remain low through 2024. We predict it will easily reach $100,000 and could possibly rise up to $300,000 within the year.