Bitcoin touches 2-month high of almost $78,000: What's the reason?
What's the story
Bitcoin has reached a two-month high of nearly $78,000, thanks to easing geopolitical tensions and renewed investor confidence. The cryptocurrency was trading at $77,162 today, with a jump of 3.09% in the last 24 hours. Ethereum also witnessed gains with a 3.55% increase in its value over the same period to trade at $2,411.
Market performance
Other altcoins also witness gains
Along with Bitcoin and Ethereum, major altcoins such as XRP, BNB, Solana, Tron, Dogecoin ,Hyperliquid, and Cardano have also witnessed gains of up to 2.53%. The global crypto market capitalization has also gone up by 2.73% to $2.61 trillion according to CoinMarketCap data.
Technical analysis
Analysts optimistic about Bitcoin and Ethereum's future
Piyush Walke, a Derivatives Research Analyst at Delta Exchange, has said that from a technical perspective, Bitcoin's next key resistance is near $79,000. A decisive breakout above this level could open the path toward $84,000. He also noted that Ethereum is now trading close to its 100-day EMA, with momentum stabilizing and supported by continued inflows into spot ETFs.
Market growth
Institutional demand drives cryptocurrency market
The crypto market has seen a steady upward trend this week, aided by a pullback in oil prices below $100. This has eased inflation concerns and improved overall risk sentiment. Institutional demand continues to be a major driver with BlackRock's Bitcoin ETF seeing inflows of over $817 million.