© Reuters
Investing.com – After squeezing the $25,000 threshold over the course of Thursday without managing to clear that mark, Bitcoin posted a more decisive rally overnight, peaking at $25,938, and still close to that peak Friday morning.
There is no fundamental information to explain this bullish movement in Bitcoin, but it should be noted that it is part of a risk appetite retracement wave, as we have seen in the Asian markets.
The decline was also a catalyst for the rise of the currency. It is also important to note that the rally in the cryptocurrency came amid the low liquidity conditions we saw overnight.
Some analysts blamed the potential purchase by Binance, which recently announced that it would transfer $1 billion in BUSD stablecoin reserves to Bitcoin, Ethereum, and other exchanges.
“There is huge buying pressure in the markets,” KAICO’s Clara Medaly said on CoinDesk TV.
She added, “Since the markets do not have a lot of liquidity, any significant buying pressure is likely to have a significant impact on prices in general.”
Technical limits to watch for Bitcoin
In the event of a correction, the $25,000 region will be the first important support area, before reaching the $24,000 region.
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