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Bitcoin Inches Higher on Mildly Positive Economic News

The price of Bitcoin (BTC) is now at $66,082, which is up 0.22% from the previous day.

The small price increase can likely be attributed to a gain for the US Manufacturing PMI, which went down a few fractions of a point, from 51.9 to 52.2. US Services PMI went from 51.7 to 52.3.

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Bitcoin’s price is trending upward for the last week, having gained 4.69% in seven days. This gradual positive trend has pushed it past $66,000 and inching closer to the crucial $70,000 level.

Yesterday, Bitcoin briefly inched above $67,000, and that is an excellent indicator of the coin’s positive health. After weeks of struggling under the $70,000 mark, Bitcoin appears to be doing better. While Bitcoin halving has not had the effect that many analysts expected it to, we could start to see some positive results from that event over the next few months.

Bitcoin Price Expectation

In the short term, we anticipate Bitcoin to move higher, gradually and slowly. It may push past $70,000 in the next few days, especially if the stock market continues to improve. We saw the markets get off to a good start for the week and close up by the end of trading for Monday. If earnings reports are mostly good this week, the market could move much higher and buoy Bitcoin and other cryptos in the process.

The overall crypto market is moving lightly this Tuesday morning, with minor gains and losses overall. It is very likely that a bull trend is building up within the market and major movement will happen later today and throughout the week. After the recent downturn for the market, we may be seeing the first signs of a rebound, though it will likely be short term if there is one. The current high inflation rate should keep the market back from major, long-term gains but may not get in the way of a healthy, high rebound.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
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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