Bitcoin proponents have stated that their next bull run has already begun. On the other hand, some of their analysts claimed it to be a mere bear trap. It must be noted that the Bitcoin price hit $24,597 which is the highest in the past 6 months. The last time BTC hit a high price level of $24,800 was on 16th February which was registered as a 15% increase.
This one-day Bitcoin price escalation has taken many people by surprise. This is mainly due to the reason that in the month of February, there has been a bearish trend for all the topmost cryptocurrencies that is historic. The price of BTC alone increased by almost $1,800 within a matter of 24 hours.
Upsurge In Double Digits For Bitcoin
This double-digit upsurge for Bitcoin is been perceived as one of the greatest green days for the leading crypto in the last 6 months.
Analysts have stated that this BTC growth may be a result of the rise in the value of the dollar coupled with declining inflation. Indication from on-chain data regarding present price level momentum is traceable to the suspicious funds which flowed into the cryptocurrency market from 10th February.
Mysterious Inflow In The Crypto Market
Lookonchain has provided data related to this mysterious fund inflow worth a whopping $1.6 billion transferred to institutional funds in 6 days. A large part of this fund came from stablecoins specifically USC Coin issued by Circle.
While BTC proponents are under the impression that this surge might the beginning of another bullish trend, other experts have informed that it is a trap from the bears. BTC is currently under the WMA level of 200 which is 25k. The trading of Bitcoin is also under the WMA of 200 which is considered an anomaly.