Bitcoin Finds New Level at $68,000

Bitcoin (BTC) has fallen by 0.91% today, dropping to $68,398 (BTC/USD). The coin has had trouble moving above $69,000 recently.

We anticipate that Bitcoin will be held back by the currently high US inflation rate of 3.4%. That rate refuses to move very much, which has kept the Federal Reserve hawkish and prevented them from enacting interest rate cuts.

As long as inflation stays high, Bitcoin will have a tough time moving much higher, but there is potential for a breakout since spot ETFs have been approved by the United States Securities and Exchange Commission.

The SEC approved spot ether ETFs abruptly on Thursday, May 24th and surprised many industry analysts. There were rumors swirling that the commission would approve ETFs, but those were mostly being spread by cryptocurrency proponents who wanted to see approval occur.

Bitcoin’s New Level

Bitcoin briefly shot above $70,000 on Tuesday of last week. That could have been the start of Bitcoin moving to a new record high, but the coin quickly dropped and lost a lot of its progress from the unexpected price spike.

Now, Bitcoin has been staying below the $70K level, but it is still higher than it was over the previous weeks. Through much of April, Bitcoin was quite low, falling below $60K for a while and averaging about $64,000 during that period. Its new, higher level is encouraging for Bitcoin investors and gives some hope that Bitcoin will establish a new, higher level in the near future.

For Monday, Bitcoin may be down a bit, but it has not lost most of its recent gains, and its trade volume is up by 32%. The coin could easily break out later today and start a bullish trend that will carry it above $70,000, especially off the back of the recent ETF approval.

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Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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