Bitcoin Bull Run to $41,000: Why is the flagship crypto climbing?

Bitcoin created a surprise this morning with a meteoric rise to the top. Not only did the queen of cryptocurrencies cross the $40,000 mark, but it is currently trading above $41,000 per coin. What are the reasons for this escalation? The details in these few lines!

Bitcoin very close to $42,000

There are many crypto analysts counting on a bitcoin bull run against a backdrop of discussions around Spot ETFs. If some put forward exaggerated figures, coming close to a million dollars for the flagship crypto, others remain very realistic. In any case, many agree that bitcoin would be the only crypto that will soon experience a new bull run.

Could gold have boosted bitcoin?

Bitcoin crosses $41,000 and the price of gold hits an all-time high. »

L’article attached by Cointelegraph to this tweet highlights a correlation between the rise in the price of bitcoin and that of gold. Indeed, this precious metal has just achieved an All Time High (ATH) trading at $2,100 (Asian session on December 4).

On the other side, bitcoin also made a spectacular jump to surpass $41,000 per coin. The $40,000 mark has never been crossed for 19 months in a row, analysts report. This allows a 152% increase for the flagship crypto since the start of the year.

What are the reasons for this sudden rise in bitcoin? Willy Woo, BTC analyst, did not hesitate to associate it with a possible approval of spot Bitcoin ETFs on January 10, 2024.

Furthermore, CoinDeskbased on data taken from CoinGlass, believes that this bull run has any relationship with a liquidation of perpetual crypto futures positions valued at $220 million on exchanges during the weekend.

Note the following statistics:

  • 85% bullish long positions;
  • $120 million in BTC short positions;
  • 6% increase in open interest this Monday;
  • Etc.

Let’s not forget the latest announcement, during which Jerome Powell, the boss of the FED, insinuated the end of key rate increases, did not fail to rekindle the flame of crypto-skeptics.

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