Bitcoin about to Break through to $67,000

Though Bitcoin (BTC) has stayed below $67,000 for over a month, the cryptocurrency token looks like it is about to hit that level once more, perhaps later today.

Currently, Bitcoin is at $66,939 (BTC/USD) and is up by 0.11%. it should tick up past the $67K mark in the next few hours and have another milestone on its path to recovery.

The coin has been having a tough time since the weeks leading up to Bitcoin halving. That should have been a time of excitement for the coin with new records being created, but that was not the case. High inflation and a tight market have kept Bitcoin down, keeping it well below expectations. Even though Bitcoin did set a new record this year, the coin is well below that record high at the moment.

Bitcoin’s trade volume is slightly elevated, up 33% from the previous day, and the coin may remain mildly bullish as this week begins.

Factors in Bitcoin’s Favor

It appears that Bitcoin has gained more consumer confidence over the last week, partly helped by its increasing price point and partly because of cooling inflation data. The Consumer Price Index report from last week showed that inflation was not as high as expected, and that gave Bitcoin and the wider market a boost.

As the FOMC members speak this week, there may be more inflation data to come. That could easily hurt or help Bitcoin as FOMC Member Waller speaks, as well as other members. The Federal Reserve may change their stance on interest rate cuts this year, if inflation data cools even further, and that could help Bitcoin along as well.

Bitcoin may also be receiving a boost from the stock market. As the stock market indices record highs and consecutive weeks of gains, that encourages investors to trade more and to put their money into a wide variety of assets. This could be a very bullish week for Bitcoin as a result. 

ABOUT THE AUTHOR See More

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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