Why did bitcoin rise
The BTC/USDt pair returned to the high of June 23 ($31,431), BitRiver financial analyst Vladislav Antonov told bitcoinlinux on July 4. He clarified that since the beginning of 2023, Bitcoin (BTC) has risen in price against the US dollar by 89%.
In addition, according to the expert, the return on investment from large industrial miners of the Russian Federation with the latest equipment has exceeded 50% since January 1, and by the end of the year it may increase by a factor of 2 in the event of a further increase in the cost of bitcoin.
As he explained, the rise in the price at the beginning of the week was largely due to the news about BlackRock, which filed an amended application to create a Bitcoin spot ETF.
Black Rock Inc. resubmitted documents to US regulators via the Nasdaq platform to refine the details of its ETF proposal. According to Bloomberg, the new announcement includes information that Coinbase, a provider of bitcoin ETF holdings, will be monitoring the market to support the fund. This step was taken after the regulator pointed out a lack of information in the initial documents of the issuer,” Antonov said.
The analyst drew attention to the fact that on Tuesday, July 4, the BTC/USDt pair decreased to $30,879 from the previous $31,380 in Asian trading.
“Technical analysis of the cryptocurrency rate chart indicates a continuation of the upward movement, however, a slight correction to $30,300 is possible. It is assumed that the market may remain in a sideways trend until July 9th. Next week, we expect a breakout of the $31,500 level and a price recovery to $34,000,” Antonov concluded.
Earlier, on June 23, it was reported that, according to the executive director of the XIVE branch in Russia, Nurzhan Berikbolov, the return of the bitcoin rate to historical highs is inevitable. He noted that analysts believe that this will happen towards the end of 2024. As the expert explained, large holdings buy BTC in a portfolio of assets as part of diversification. In addition, the use of cryptocurrency in different countries is increasing every month.
