Greed

Bank

Hope

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-rises-above-62000-igniting-hope-among-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Rises Above $62,000, Igniting Hope Among Investors</a><br></p>
<p style="text-align: justify">Bitcoin has made a significant breakthrough, surpassing the $62,000 mark for the first time in nearly a month after the U.S. Central Bank reduced interest rates by 50 basis points. This upward movement, marked by an 8% weekly gain, has fostered a positive sentiment in the market as indicated by CoinMarketCap’s Fear and Greed Index returning to the “Neutral” range.</p>
<h2 id="bitcoin-prepares-to-surpass-short-term-investors-average-purchase-price">Bitcoin Prepares to Surpass Short-Term Investors’ Average Purchase Price</h2>
<p style="text-align: justify">Analysts from CryptoQuant suggest that this short-term rally could signify promising developments ahead. They point out key metrics indicating that Bitcoin is approaching the three-month average purchase price for short-term investors. “The average purchase price for investors holding Bitcoin for 1-3 months consistently acts as a critical support and resistance level,” they noted.</p>
<p style="text-align: justify">These short-term investors significantly influence the market as they typically seek arbitrage or profit opportunities based on monthly price movements of Bitcoin.</p>
<p style="text-align: justify">When Bitcoin’s price rises above the average purchase price of active investors, it may signal an impending breakout. Conversely, if Bitcoin fails to breach this level, it could experience substantial losses.</p>
<h2 id="institutions-move-away-from-bitcoin-short-positions">Institutions Move Away from Bitcoin Short Positions</h2>
<p style="text-align: justify">Data reveals that institutions are distancing themselves from negative Bitcoin derivatives, with short order volume decreasing by 75%. The decline in institutional sell orders is viewed as another positive indicator for a potential mid-term rally. Ki Young Ju stated, “Institutions are no longer aggressively shorting Bitcoin. Net short positions in CME futures have dropped by 75% over the past five months.”</p>
<p style="text-align: justify">While it may take time for Bitcoin to reach a new all-time high, signs appear more favorable following several months of sideways movement.</p>
<p style="text-align: justify">Surpassing critical resistance levels could serve as a significant indicator for investors. Price movements above the average purchase price of short-term investors signal upward market momentum. The reduction of short positions by institutional investors and the alleviation of selling pressure further supports this optimistic outlook. Given the market’s volatility, it is crucial for investors to make careful and informed decisions.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-rises-above-62000-igniting-hope-among-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Rises Above $62,000, Igniting Hope Among Investors</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin Rises Above $62,000, Igniting Hope Among Investors

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