Bitcoin benefits from reduced inflationary pressures in the US
Bitcoin price rose up to 5.27% at $41,970.40 and ended its consolidation phase since the beginning of this week.
Cointelegraph analysts explain the reason for Bitcoin's rise because it benefits from reduced inflationary pressures in the US. By looking at inflation indicators, perhaps the Fed can curb inflation without triggering a recession, because US gross domestic product (GDP) grew by 3.3% in the last quarter of 2023.
Further more Spot Bictoin ETFs captured $744 Million in net flows. And Bitcoin now get positive coverage from traditional industry. JP Morgan estimated that outflows from the Grayscale GBTC spot Bitcoin ETF have already peaked, indicating that the “downward pressure on Bitcoin from that channel should be largely behind us.”
Other Bitcoin news citing Cryptonews written on Coinmarket states that Sovryn is introducing a new platform called BitcoinOS which aims to bring Bitcoin to the decentralized finance (DeFi) landscape. The developer describes this platform as an “operating system” for Bitcoin, using “sovryn rollup,” which creates layers the basis for decentralized applications (dapps) on the Bitcoin network, according to an announcement posted on the Sovryn website this week.
Monitoring the BTCUSD price on the FXOpen Ticktrader platform, the price is now forming a bullish candle with a long body ending the consolidation phase since January 23. Price tries to rise near the middle band line.