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Home»BITCOIN NEWS»Key drivers of Bitcoin price recovery above $42,000 include:
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Key drivers of Bitcoin price recovery above $42,000 include:

By Crypto FlexsJanuary 28, 20243 Mins Read
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Key drivers of Bitcoin price recovery above ,000 include:
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Bitcoin recently surged past $42,000. Traded below $40,000 for a few days. This market recovery is believed to be the result of a variety of factors, including: Recent revelations about the U.S. economy.

Macroeconomic factors contributing to the recent Bitcoin surge

The personal income expenditure (PCE) price index is Key inflation indicatorsReleased on January 26th, reported It was probably lower than expected. This suggests that inflation in the United States is subsiding, and experts predict that the Federal Reserve will likely scale back its aggressive monetary policy.

The Federal Reserve’s hawkish stance is known to be as follows: Negative impact on Bitcoin price and the broader cryptocurrency market. Therefore, these recent developments are positive and could be a factor in investors doubling down on their investments in the flagship cryptocurrency, triggering a price surge.

meantime, data The U.S. Treasury recently announced that the U.S. historical debt 34.1 trillion dollars. This has raised concerns about an imminent collapse of the US dollar, while also suggesting Bitcoin and other cryptocurrencies. As a sanctuary To prevent potential devaluation of the country’s currency.

Interestingly, there are a variety of financial analysts, including: Renowned economist Peter Schiff, has continued to predict an imminent collapse of the US dollar. In light of this, Financial writer Robert Kiyosaki He urged everyone to invest in Bitcoin to avoid being made poorer by government actions.

Another factor believed to have contributed to Bitcoin’s recent surge is the expiration of Deribit’s monthly BTC options contract. Considering what CryptoQuant CEO Joo Ki-young mentioned, the expiration outcome likely played a decisive role in the Bitcoin rally. pinpointed The reason for the recent decline in Bitcoin is the derivatives market.

BTC price jumps after downtrend | Source: BTCUSD on Tradingview.com

GBTC outflow slows for 4th consecutive day

GBTC in grayscale I saw There were $255.1 million outflows on January 26, continuing the recent trend of declining fund outflows. NewsBTC reported How the Bitcoin ETF saw outflows of $515 million, $429 million, and $394 million on January 23, 24, and 25, respectively.

like famous by Bloomberg analyst James SeyffartJanuary 26th was also the day with the lowest GBTC outflow since the switch to GBTC. Spot Bitcoin ​​ETF. This development suggests that investors in the fund may be reluctant to take profits. Also, the important reason is grayscale It has contributed to the selling pressure that has plagued Bitcoin recently.

As of this writing, Bitcoin is trading around $41,700, up more than 4% in the past 24 hours, according to data from CoinMarketCap.

Featured image from U.Today, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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