Bank

2024

Wednesday

Bitcoin

<p>The post <a href="https://coinpedia.org/news/why-bitcoin-price-surged-above-69k-today/" rel="noopener noreferrer nofollow">Bitcoin Price Breaks $69,400: What’s Fueling the Surge?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p><a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s (BTC) price </a>soared past $69,400 on Wednesday, bouncing back from just under $66,000 in the last 24 hours. This significant rise has lifted the entire altcoin market, pushing the total market cap up by 3 percent to about $2.65 trillion.</p>
<p>Here’s what’s causing the increase.</p>
<h2 class="wp-block-heading" id="h-why-is-the-bitcoin-price-increasing">Why is the Bitcoin Price Increasing?</h2>
<p>Bitcoin’s recent surge past $69,000 comes amid increased activity by large investors, known as whales. Despite <a href="https://markets.coinpedia.org/bitcoin-etf/" rel="noopener noreferrer nofollow">U.S. spot Bitcoin ETF</a>s experiencing two days of cash outflows—$65 million on Monday and around $200 million on Tuesday—market data suggests a bullish sentiment.</p>
<p>This is supported by declining balances on crypto exchanges, with over 14,140 Bitcoins (worth about $954 million) being withdrawn in the past two days.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet">
   <p>Over 14,140 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> worth around $954.50 million have been withdrawn from <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> exchange wallets in the last 48 hours! <a href="https://t.co/MPPfpVTLFO" rel="noopener noreferrer nofollow">pic.twitter.com/MPPfpVTLFO</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1800815785369354354?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 12, 2024</a>
  </blockquote>
 </div>
</figure>
<p>Bitcoin’s sharp rise on Wednesday also coincided with the release of lower-than-expected Consumer Price Index (CPI) data by the U.S. Bureau of Labor Statistics.</p>
<p>This news has led crypto traders to speculate on possible interest rate cuts by the Federal Reserve, potentially mirroring actions by the European Central Bank (ECB) and the Bank of Canada.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet">
   <p><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" style="height: 1em; max-height: 1em;"> CPI falls to 3.3%, lower than expected.<br><br>Let’s go $100K <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" style="height: 1em; max-height: 1em;"> <a href="https://t.co/vPcYYI1b3y" rel="noopener noreferrer nofollow">pic.twitter.com/vPcYYI1b3y</a></p>— Vivek <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" style="height: 1em; max-height: 1em;"> (@Vivek4real_) <a href="https://twitter.com/Vivek4real_/status/1800871130770932018?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 12, 2024</a>
  </blockquote>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-aiming-for-the-80-000-mark">Aiming for the $80,000 Mark</h2>
<p>Bitcoin has attempted to break above $73,000 several times recently without success. However, the coin has gathered strong bullish sentiment, raising the prospect of a surge towards $80,000.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet">
   <p><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> to $85k is still on the table, then to $110,000<br><br>Everything was programmed to shake out weak hands yesterday. <a href="https://t.co/MRZYDBvM01" rel="noopener noreferrer nofollow">pic.twitter.com/MRZYDBvM01</a></p>— Mikybull <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f402.png" alt="🐂" style="height: 1em; max-height: 1em;">Crypto (@MikybullCrypto) <a href="https://twitter.com/MikybullCrypto/status/1800881819677782140?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 12, 2024</a>
  </blockquote>
 </div>
</figure>
<p>In case of bullish rejection, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price</a> has established a solid support level above $61k, which could hold until the buyers regain control.</p>
<p>Also Read : <a href="https://coinpedia.org/news/may-us-cpi-ease-to-3-3-btc-price-surge-to-69k/" rel="noopener noreferrer nofollow">May US CPI Ease To 3.3%; BTC Price Surge To $69K</a></p>
<p><strong>Where do you see the Bitcoin price headed next? Bullish or bearish? Let us know!</strong></p>

Bitcoin Price Breaks $69,400: What’s Fueling the Surge?

Table of Contents

CoinPedia News

Other articles published on Jun 12, 2024

Join our free newsletter for daily crypto updates!