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Bitcoin's 200-Day Moving Average Reaches Record High Amid 10% Surge

2024/05/06 22:19

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During a recent appearance on CNBC's Squawk Box, venture investor and cryptocurrency advocate Anthony Pompliano, also known as Pomp, discussed the factors driving Bitcoin's recent surge.

Analyzing Bitcoin's Recent Surge: Insights from Pomp on Key Drivers

Pomp highlighted Bitcoin's consistent growth since the beginning of the year, despite its day-to-day volatility. He attributed the recent price increase, exceeding 10%, to several key drivers.

Firstly, Pomp noted that the price action around the recent halving event has followed historical patterns. Typically, Bitcoin experiences a run-up of about 19% in the month before a halving, followed by a more modest increase of 1-2% in the month afterward. This trend has largely held true in the current market conditions.

Bitcoin's 200 day moving average just hit a new all-time high.

GBTC saw the first day of inflows in 78 days.

Don't get lulled to sleep by bitcoin going sideways. The long-term thesis is as strong as ever.

Here is my segment on @SquawkCNBC this morning. pic.twitter.com/BG6GkzqVIi
— Pomp 🌪 (@APompliano) May 6, 2024

Additionally, Pomp pointed out a significant milestone for Grayscale's GBTC ETF, which saw a $63 million inflow on Friday, marking the first inflow in four months. As the largest Bitcoin ETF, this influx of capital stimulated the price of Bitcoin.

Another crucial factor contributing to Bitcoin's surge is the all-time high reached by its 200-day moving average, surpassing $50,000 for the first time. Although Bitcoin briefly exceeded $65,000 earlier today, it has since experienced a minor correction, currently trading at $63,800.

Pomp's analysis underscores the complex interplay of market dynamics driving Bitcoin's price movements, highlighting both historical trends and recent developments in institutional investment.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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