The main reason for the growth of the first cryptocurrency was the liquidation of short positions worth about $151 million over the past 12 hours, QCP Capital reported. This happened against the backdrop of low market liquidity over the weekend, when, for example, the funding rate on the Deribit exchange turned negative.
An additional impetus for Bitcoin was given by the news about the inclusion of a software company and the largest public holder of the first cryptocurrency MicroStrategy in the Nasdaq 100 stock index, experts said. Adding securities to the index may lead to an influx of passive investments in MicroStrategy shares, which will indirectly make it easier for the company to raise funds for new purchases of bitcoins, according to QCP Capital experts.
According to them, the actions of financial regulators and the upcoming decisions of central banks of developed countries on interest rates have taken a back seat for the cryptocurrency market, since the movement of BTC is still determined by the sentiments of trading participants. However, the soft position of the US Federal Reserve System (FRS) may become an additional incentive for the growth of the coin in the next few weeks, experts added.
Earlier, analysts from the Matrixport platform presented a forecast according to which 2025 will be a bullish year for Bitcoin. Analysts said that there are reasons why the rate of the first cryptocurrency will reach $160,000.
Source: Bits
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