News
Bitcoin’s 200-day MA hits new all-time high as BTC rises 10%
Yuri Molchan
Anthony Pompliano revealed the key factors driving Bitcoin’s 10.35% rally
Continue reading U.TODAY
Google News
During his recent appearance on CNBC’s Squawk Box show, investor and entrepreneur Antonio Pompliano (commonly known as Pomp in the cryptocurrency community) shared with the hosts what has pushed Bitcoin higher since Friday.
Pomp said that despite daily volatility, Bitcoin continues to grow year-to-date.
Factors Fueling Bitcoin Price Recovery, 200-day MA ATH
Pompliano admitted that the price action around the recent halving had played out as expected. Historically, a month before a halving occurs, the price rises about 19%, and in the month following the halving, BTC only rises about 1-2%. This is more or less what we can see at the moment, he underlined.
However, since Friday, the world’s flagship cryptocurrency is up more than 10%. The price surge, Pomp said, was spurred by the fact that on Friday, for the first time since January, Grayscale’s GBTC ETF saw value of $63 million inflow after four months of consistent outflows. Pomp reminded the audience that this is the largest Bitcoin ETF and with the first inflows starting to arrive, the price was stimulated to rise.
Another important factor cited by Pomp was the fact that Bitcoin’s 200-day moving average hit an all-time high, surpassing $50,000 for the first time.
After breaking above the $65,000 level today, however, the leading cryptocurrency has been pushed back by 2.14% and at the time of writing, is changing hands at $63,800.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects of it. He has written for several crypto media. His articles have been cited by cryptocurrency influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keizer, etc.