Solana

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/what-drives-bitcoins-recent-price-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">What Drives Bitcoin’s Recent Price Surge?</a><br></p>
<p style="text-align: justify">Jan Happel and Yann Allemann, founders of the blockchain data firm Glassnode, have conducted an analysis to understand the recent surge in <a href="https://en.bitcoinhaber.net/bitcoins-path-to-80000-expert-predictions-amid-etf-speculations" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price, which has crossed the $100,000 mark this week. This upward movement coincided with inflation data that aligned with market expectations, significantly influencing investor sentiment.</p>
<h2 id="what-factors-are-boosting-bitcoin-s-value">What Factors are Boosting Bitcoin’s Value?</h2>
<p style="text-align: justify">The Glassnode founders emphasized the connection between recently released inflation data and Bitcoin’s soaring price. Happel highlighted, “When inflation data meets expectations, Bitcoin surged above $100,000!” Their observations underline the market’s positive response to these economic indicators.</p>
<p style="text-align: justify">They further indicated that Bitcoin is attempting to cement $102,000 as a crucial support threshold. A downward pressure below this level could lead to support testing around $97,200 to $98,500. Conversely, if Bitcoin closes above $102,000, price targets may rise to $104,000 and $108,000.</p>
<h2 id="can-solana-compete-with-bitcoin">Can Solana Compete with Bitcoin?</h2>
<p style="text-align: justify">In addition to Bitcoin, Happel and Allemann discussed the potential of <a href="https://en.bitcoinhaber.net/exploring-solanas-price-movement-and-technical-indicators" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> (<a href="https://en.bitcoinhaber.net/solana-soars-with-meme-token-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">SOL</a>), a notable competitor in the cryptocurrency space. They noted that Solana could see significant gains if it surpasses the $235 mark, potentially reaching its previous high of $264.</p>
<p style="text-align: justify">The neutral daily RSI of SOL indicates a favorable outlook for continued upward momentum. Moreover, they mentioned that related ecosystem tokens JUP and WIF might also contribute positively to the market landscape.</p>
<p style="text-align: justify">Currently, Bitcoin is valued at $101,604, reflecting a 7% increase over the last fortnight, while Solana is trading at $230 with a daily gain of 0.3%. Following Bitcoin’s milestone, overall market sentiment remains optimistic, according to Happel.</p>
<p>– Key insights from the analysis include:<br> – Bitcoin’s recent rise is linked to inflation data meeting market expectations.<br> – Establishing $102,000 as a support level is crucial for Bitcoin’s stability.<br> – Solana could see substantial growth if it exceeds the $235 mark.<br> – Market sentiment is positive post-Bitcoin’s surge.</p>
<p style="text-align: justify">As Bitcoin and Solana continue to draw attention, investors are encouraged to closely observe their performance in the cryptocurrency market for potential opportunities.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/what-drives-bitcoins-recent-price-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">What Drives Bitcoin’s Recent Price Surge?</a></h5>

What Drives Bitcoin’s Recent Price Surge?

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