The post Bitcoin Surpasses $60,000 for the First Time Since August 30 Amid Increasing Institutional Interest appeared on BitcoinEthereumNews.com.

Bitcoin has reclaimed the $60,000 mark for the first time since August 30th. Unlike previous rallies, the recent surge is driven by increased institutional participation. Rajat Soni emphasizes that Bitcoin’s consolidation above $50,000 for the past six months is noteworthy. Bitcoin reclaims $60,000: What’s driving the surge and how institutional interest changes the scenario? Bitcoin Regains $60,000 as Institutional Interest Surges Bitcoin recently broke through the $60,000 barrier, demonstrating a major recovery since its dip earlier this year. According to crypto analyst Rajat Soni, the dynamics behind this price increase are unique compared to previous years. He notes that Bitcoin has been consolidating above $50,000 for the past six months, a stark contrast to its 2021 performance, which was largely driven by retail investors. Institutional Investors Play a Key Role In 2021, the majority of Bitcoin’s bullish movements were driven by retail investors motivated by speculative sentiments. Soni pointed out that this led to the cryptocurrency struggling to maintain its price above the $50,000 threshold. However, the current market conditions are being influenced significantly by institutional investors. “If you’re selling now, be prepared to pay much more to buy back the same amount of Bitcoin,” Soni advises, underscoring the robust demand from institutions. Recent Market Performance and Projections As of now, Bitcoin is trading at $60,596, marking a 4.25% increase since September 12, according to CoinMarketCap. The notable rise has prompted speculations about breaking historical trends. An anonymous crypto trader, Jelle, suggested that Bitcoin might end September on a positive note, a rare occurrence only documented in 2015, 2016, and now potentially, 2023. Despite historical data from CoinGlass showing that September is generally Bitcoin’s worst-performing month—with an average loss of 4.49% over the past 11 years—there is cautious optimism among market analysts. Bitcoin’s Market Dominance and Technical Indicators Benjamin Cowen,…

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Filed under: News - @ September 14, 2024 10:20 am