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Bitcoin

Why the bitcoin price increases?

Main points:

  • Bitcoin gained 3 % to more than $ 105,000 on June 24, as Israel and Iran agreed to a ceasefire.

  • The continued flow of capital to the investment funds circulating in the instant Bitcoin enhances the investor’s confidence throughout the market.

  • There is a classic bullish style in playing, as it puts the BTC price in a march to $ 144,000.

Bitcoin (BTC) has risen today, with more than 3 % in the past 24 hours to about $ 105,000 on June 24.

Data from Cointelegraph Markets Pro and Tradingvief He explains that the BTC/USD pair increased by up to 8 % to $ 106100 on June 23, from a decrease of $ 98240 on June 22.

BTC/USD daily chart. Source: Cointelegraph/Tradingvief

Let’s take a look at the factors that lead the bitcoin price today.

Israel stops Iran to shoot at the appetite of risk

On June 24, US President Donald Trump Declare Israel and Iran have agreed to a ceasefire, which greatly enhances the appetite of global risks and pushing cryptocurrencies higher.

source: Donald Trump

“The 12 -day war”, which included Israeli and the United States, strikes against Iranian nuclear facilities and Iranian reprisals against Israel, as well as Strikes on the American military bases in QatarIt had shook the markets, and pushed bitcoin to less than $ 100,000.

The ceasefire has reduced fears of escalation and possible disturbances of oil supplies through the hormone strait.

As a result, investors revolve back to risk assets, with Bitcoin rising to $ 106,000 in recovery through the broader encryption market.

Bitcoin Etf Past

The rise in Bitcoin prices today coincides with the rise in capital flows in the stock exchanges of the stock market in the United States (ETFS), highlighting the increasing demand for the organized exposure to the encrypted currency.

Bitcoin Spot investment funds recorded for 10 consecutive days, which led to a total flow of $ 49.9 billion since its first appearance on the market on January 11, 2024, according to what he said Data from Farsed Investors. Nearly $ 350.6 million flowed to the investment funds circulating in Bitcoin on June 24.

Bitcoin spot ETF total cumulative flow. Source: Farsed Investors

Additional data from Coinshares Reveal Founding investors confirmed their optimism in the encryption markets, where $ 1.24 billion flowed to encryption products last week, which represents a series of flows for 10 weeks.

Bitcoin Investment products consist $ 1.1 billion, indicating the increasing investor confidence in BTC as a leading digital asset.

More institutional demand came from corporate investors, with the strategy, formerly Microstrategy, the highest bitcoin holder, who gets 245 BTC about 26 million dollars last week. Japan’s Metaplanet got another 1111 BTC for about $ 118 million, on June 23 advertisement.

With the increase in institutional demand for bitcoin, the price is expected to continue in its upward path towards its highest levels ever and discover prices.

The cup style and embrace of Bitcoin targets $ 144,000

From a technical perspective, the BTC/USD pair has formed a plan for the cup and suffering on its daily scheme since January 20, where it put it in a huge move higher.

Note that the BTC price is now trading within the handle, with a lounge over the resistance at $ 105,000, which is the simple moving average for 50 days (SMA). If this happens, the price will rise to facing the resistance from the neckline in the form at $ 109,000.

The decisive daily closure can lead to the closure over the neckline to lead the BTC price to counter the resistance from the high of $ 112,000 ever on May 23.

Breaking this barrier wipes the path towards the technical goal of the prevailing graph style at $ 144,000, an increase of 37 % of the current level.

BTC/USD daily chart. Source: Cointelegraph/Tradingvief

The relative strength index, or RSI, is 69 years old, and the “Smas Cross” indicates that market conditions still prefer the upward trend.

As said CointeleGRAph, it will be possible to move to the highest level ever ever exceeding $ 112,000 by the end of this week if the resistance is turned in SMA for 50 days ($ 105,000) to new support.

This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.