Bitcoin Rebounds Above $79k on Zcash ETF Inflows Amid Macro Volatility
Bitcoin's price has rebounded above $79k on Zcash ETF inflows, but its rise is being limited by pressures from the Federal Reserve and oil market volatility. According to Zhitong Finance, Bitcoin has seen another 'golden cross' in six months, with $3.8 billion flowing into ETFs as historical patterns point to a target of $100,000 by year-end.
The correlation between Bitcoin and gold has reached a new high since 2020, driven by the dual influences of U.S. Treasury repurchase agreements and the Federal Reserve's anti-inflation measures. This has caused significant market volatility, but the on-chain ecosystem is demonstrating growth potential independent of cryptocurrency prices.
Two Prime CEO Bloom pointed out that losses in institutional volatility trading forced liquidations, providing momentum for Bitcoin's rebound. Despite macroeconomic data volatility, ETF inflows and strategic shifts by mining companies supported the market, with $60,000 regarded as a key support level.