Bitcoin Blazes Past $79K on Inflation Hopes, ETF Frenzy
Bitcoin has broken above the $79,000 threshold, trading at $79,080.09 on the Binance USDT market as of the latest data.
The move marks another step in Bitcoin's recent upward momentum, which is attributed to a combination of factors including easing inflation concerns in the U.S., a softer dollar index, and growing inflows into spot Bitcoin exchange-traded funds (ETFs).
According to data from crypto analytics firms, ETF net inflows have turned positive over the last three sessions, adding to buying pressure.
The 'golden cross' technical signal is also bullish, as the 50-day moving average has crossed above the 200-day moving average.
However, traders note that the Relative Strength Index (RSI) is approaching overbought territory, suggesting a short-term pullback could occur before any sustained rally.