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The king of cryptocurrencies, Bitcoin, has once again risen above $53,000, erasing its recent losses. For the first time since the end of 2021, BTC has reached these levels and has attracted more buyers following the latest price correction. It is now heading towards $54,000.
Why Is Bitcoin Rising?
Unaffected by the anxiety of upcoming macroeconomic data on Wednesday and Thursday, BTC is now on the rise again. In the past, after MicroStrategy’s purchases, the price experienced rapid declines, but now it’s doing the opposite. At the time of writing, BTC has risen to $53,647 and is finding buyers in the $53,500 region. With a purchase of 3,000 BTC, MicroStrategy has clearly demonstrated its appetite with an average price close to $52,000.
If the Bitcoin price increase continues, it could test the next strong resistance area at $65,000. Meanwhile, altcoins, with the ETH price at the $3,200 mark at the time of writing, have the potential to join this rise.
Spot Bitcoin ETFs have seen strong inflows, with nearly $600 million entering last week alone. Moreover, since the beginning of the year, net inflows have exceeded $5.7 billion. Day by day, the total reserve size of crypto investment funds is reaching new peaks.
