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Cryptocurrency News Articles
Bitcoin (BTC) Retakes $67K Amid Broader Market Rebound as China's Stimulus Measures Offer a Strong Boost
Oct 15, 2024 at 10:53 pm
Bitcoin has made another push toward establishing a foothold above $67,000. Up 1.9% week-to-date, BTC gained a collateral boost from events in China
Bitcoin (BTC) price surpassed the $67,000 level on Monday as China’s economic stimulus plans sent the country’s stock soaring.
China’s stimulus measures to prop up the world’s second-largest economy could provide a strong tailwind for crypto into year-end amid a downturn in U.S. benchmark interest rates.
Bitcoin Price Retakes $67K as Broader Market Recovers
Bitcoin price made another attempt to establish a foothold above $67,000. up 1.9% week-to-date, BTC price gained a side boost from developments in China, where comments from a top government official pushed Chinese stocks up. BTC price traded 3.2% higher over the past 24 hours to change hands at $67,491, CoinGecko data showed.
China’s Finance Minister Lan Fo’an outlined the nation’s plans to roll out a fiscal stimulus package to revive its giant economy and signaled more government borrowing in a briefing on Saturday.
BTC price had been trading sideways below $63K in recent weeks after falling below $59,000 on the back of a hotter-than-expected U.S. CPI inflation report last Thursday and broad sell-off in financial markets.
“2 higher lows, a higher high & prices pushing for new highs again,” noted Jelle, a pseudonymous crypto trader, in an Oct. 14 X post.
“Summer lull is behind us. Let’s have some fun,” Jelle added.
After ±6 months of bearish structure, #Bitcoin is slowly moving higher again.
2 higher lows, a higher high & prices pushing for new highs again.
Summer lull is behind us. Let's have some fun.
Meanwhile, Ether, the second-largest cryptocurrency by market capitalization, also rose, trading at $2,666, up 3.4% over the past 24 hours.
And Solana, the fifth-largest coin, also rose by 2.9% in the past day. The ether rival was last trading at $153.55, up about 9.6% in the past seven days.
Is Green ‘Uptober’ Back?
Early October marked a relatively weak start for the cryptocurrency market, with most of the top cryptos nursing substantial losses during the first week of the month.
October is usually a strong month for Bitcoin, with historical data from the past five years showing consistent bullish price action.
While Bitcoin’s advance higher today fell short of the traditional magnitude of gains in October, the cryptocurrency’s price action offered a glimmer of optimism for traders.
“Regardless where we go from here, I see new highs in this year or Q1 next year,” noted popular trader Crypto Tony on X.
CryptoQuant CEO Ki Young Ju recently noted that Bitcoin has less than two weeks left to kick off a parabolic upswing, according to historical patterns observed after previous halvings.
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- Ethereum Inflows Stall as Bitcoin Continues to Dominate, AVAX Shows Steady Growth, and BlockDAG Extends 50% Bonus Offer
- Oct 16, 2024 at 02:25 am
- Ethereum ETFs have hit a pause, with no new inflows recorded on October 7, a stark contrast to Bitcoin's surge in ETF activity. After seeing a modest $7.39 million in inflows the previous day, Ethereum ETFs have come to a standstill.
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- Qubetics Emerges as a Promising Contender in the Evolving Cryptocurrency Market
- Oct 16, 2024 at 02:25 am
- As the cryptocurrency market evolves, analysts are monitoring emerging projects that promise to revolutionise blockchain technology. Among the contenders, Qubetics stands out with its innovative features and impressive presale success.
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- Worldcoin (WLD) Is Showing Signs of a Strong Upward Push, Gaining Traction Toward the $3.2 Key Resistance Level
- Oct 16, 2024 at 02:25 am
- With growing momentum in its favor, this analysis explores the recent bullish momentum behind WLD and assesses whether it has the potential to trigger a major breakout.