Everscale Partner
Bitcoin continues to expand, today the BTC rate has risen to its highest level in the last two weeks.
On Wednesday evening, the coin went up to $56 200. Capitalisation of the largest digital currency in the last 24 hours has added another 5%, and now it is $1.048 trillion.
According to analysts, the price of BTC is growing on the inflationary expectations of investors. US consumer price growth data is due tonight. Inflation is expected to accelerate to 1.7% in February (from 1.4% in January) in annual terms.
In the midst of anxiety, many players choose to invest in the safest tools. Bitcoin, as an asset, is great in terms of hedging inflationary risks.
In addition to BTC, precious metals have also become more expensive. Troy ounces of gold and silver rose in price to $1 720 and $26.2, respectively.
The last time around $56 300, Bitcoin was traded on February 22. Then there was a large-scale market correction, as a result of which the BTC rate fell below $44 000.
According to traders, several major resistance zones are expected in the range of $57 000 to $58 000. If the coin can overcome all barriers, then this week we will see the capture of $60 000.
Technical indicators indicate that the positive trend remains. Network activity is increasing, which is a positive signal for the market.
Another important factor is the reduction in the exchange offer of bitcoin. At the moment, this indicator is at a two-year low.
The cryptosphere is now also supported by the stock market, which has received a decent share of capital from investors. Traders decided to switch from treasury bonds to risky assets after the yield on government securities began to decline.
