The leading cryptocurrency is rapidly increasing to give investors who are still asleep a nice morning surprise. Due to the buying dominance that has been ongoing for a few hours, BTC almost reached its all-time high (ATH) level. At the time of writing, BTC is finding buyers at $69,500 and is maintaining the region despite profit sales.
Why Are Cryptocurrencies Rising?
BTC, despite making its ATH just last Friday, is being prepped by bulls for a new peak. As Asia starts the day, increased demand has pushed the price to $69,659 at the time of writing. Moreover, the movement above the $69,000 barrier could signal a new rally up to $76,000. In the coming hours, depending on the success or failure of Bitcoin, we might see much larger movements in altcoins.
Next week’s inflation data, due on Tuesday, is expected to continue to decline, albeit market expectations are weak. Moreover, recent optimistic statements by Fed members and Spot Bitcoin ETF entries are supporting the current positivity. However, investors would be wise not to overlook the potential for this rise to quickly reverse, especially since volumes have weakened compared to earlier in the week.
