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Investing.com – Bitcoin started the week explosively, reaching a high of $68,400, about $500 from its all-time high from November 2021, which could therefore be tested at any time.
Note that in Euros, Bitcoin has already marked a new historic record at €63,270 for the moment.
At the time of writing this article, the price is trading at $67,800, up 7.3% over 24 hours and 20.5% over one week.
Success of ETFs, short squeeze and anticipation of halving support Bitcoin
Remember that the main bullish factor for BTC remains the success of the spot Bitcoin ETFs launched in January, yesterday having been the third strongest day since the launch in terms of trading volume for the BlackRock IBIT ETF (NYSE:).
It also appears that a short squeeze accentuated the rise, with $120 million of leveraged positions, mainly short, having been liquidated on Monday.
It should also be noted that Bitcoin also benefits from the anticipation of the halving which will take place next month, an event which repeats itself every 4 years and which has always been largely positive for BTC throughout its history.
Concern over US debt and regional banks also plays a role in the rise in BTC
Concern about American debt, as well as the risk of a systemic financial crisis linked to the fragility of US regional banks, is also a factor that works in favor of Bitcoin.
Regarding the US debt, we will recall that a BofA report released yesterday highlighted that the US debt is growing by 1000 billion dollars every 100 days, which underlines its unsustainable nature, which could lead to a devaluation. Dollar.
As for regional banks, the NYCB bank’s woes continue, its stock having plunged again by 23% on Monday after a fall of 26% on Friday. The stock suffered from downgrades from Fitch and Moody’s, reviving fears about the risk of a financial crisis.
However, Bitcoin having the potential to serve as a reserve currency and an alternative to the financial system in the eyes of some, these factors undoubtedly play a role in the rise of crypto in recent days.
Finally, regarding the important thresholds, yesterday’s high at $68,400 and the historic record close to $69,000 form a first resistance zone, before the psychological threshold of $70,000.
On the downside, the first tangible graphic support for BTC/USD is located in the $64,000 area.
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