King cryptocurrency Bitcoin 
$98,485 has exceeded the $70,000 mark again, reaching a peak of $70,270. At the time of writing, it is hovering around $70,200. The ongoing rise concerning all cryptocurrencies raises hopes that the days of stagnation may soon be over. What is driving this increase?
Bitcoin’s Resurgence
BTC has reclaimed the $70,000 threshold. Following the initiation of interest rate cuts, market participants believe a significant surge in risk markets is inevitable. While this may be a test that could end in failure, we should see BTC achieving new highs above $70,000 in the medium term, within a few months.
- Only days remain until the U.S. elections.
- FTX is set to return billions in stablecoins to creditors.
- Interest rate cuts have already begun.
- While inflation decreases, employment remains relatively strong.
- Historical data suggests that a rise is imminent, providing significant psychological support.
There are numerous reasons for this upward trend. After 91 days of lingering below the $70,000 threshold, Bitcoin is expected to move in the anticipated direction, recalling the historical performance of the last quarter following a prolonged consolidation phase.
