Recall that the value of BTC in April 2022 fell below $40 thousand, but against the background of news about the spot exchange-traded fund, the ETF exceeded this mark.
In the period from November 17 to December 1, asset owners withdrew 37,000 BTC from exchanges. The reason for this was the statement by Federal Reserve Chairman Jerome Powell that interest rates are now in restrictive territory.
According to Metalpha analyst Lucy Hu, the market expects interest rates to decrease next year, and investors are optimistic about bitcoin ETFs. This situation may lead to an increase in the cryptocurrency in the coming weeks.
Crypto data provider Amberdata noted that digital assets have grown along with gold amid lower yields. In turn, BTC will continue to grow.
In recent weeks, traders have been actively playing options, betting on the possible growth of BTC to $45,000 thousand by the end of March 2024.
In the coming week, the US will see PMI data in the service sector from ISM and non-agricultural employment data for December. A strong NFP indicator could lead to the cancellation of the Fed’s interest rate cuts for 2024, which would slow the growth of BTC.