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One chart stands out as a beacon of optimism for Bitcoin and its peers in the complex landscape of cryptocurrencies. With the revival of the US money supply, investors face a critical moment. As the printing machines produce fiat currency at a rapid pace, the prospect of dollar devaluation looms ominously.
Analyzing the Impact of the US Money Supply on Bitcoin Price
The US M2 Money Supply revival indicates a positive future for Bitcoin. An increasing M2 Money Supply is typically associated with a lower US Dollar, encouraging additional diversification into Bitcoin, ultimately driving its price higher. Examining data from the Federal Reserve Board of Governors reveals an interesting pattern, as per Coingape.
The M2 money supply peaked at $21.722 billion in April 2022 and steadily tapered to $20.841 billion by March 2024. Although this loss appears to be minor, totaling $881 billion or 4.06% over two years, it is the first decline of at least 2% since the Great Depression.
Given Bitcoin's reaction to prior rises in the M2 money supply, historical data point to a bright outlook for the cryptocurrency. The link between M2 expansion and Bitcoin's bull market supports the theory that Bitcoin is primed for another strong rally.
Bitcoin Price Trends and Market Analysis
Bitcoin price movements suggest a period of consolidation within a broad declining channel. Recent market activity has challenged the price against the $60,000 level again. A breakthrough of this level might cause the falling channel to break down, resulting in a significant slide into the $52,000 support zone. Bitcoin's open interest has increased by 0.58% in the last 24 hours and is presently valued at $16.3 billion.
The Relative Strength Index (RSI) indicates a bullish mood, with values above 50% indicating momentum in favor of buyers. With $60,000 broken, the market would face additional upward pressure. As Bitcoin struggles to maintain its upward trend and reach new highs, bears have seized the chance to lower prices, but only for so long. The market sentiment indicates a cautious approach, with investors keenly watching key support and resistance levels for prospective trading opportunities.
Bitcoin (BTC) Price Update
Bitcoin is currently priced at $61,242.09, with a 24-hour trading volume of $21.1 billion. Over the last 24 hours, the cryptocurrency has increased by 0.88%. Bitcoin presently trades between $61,081.39 and $60,565.44, with a market capitalization of $1.1 trillion.
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