Bitcoin Surges 13.3% In Week, Hits $95,444

Bitcoin has surged past the $95,000 mark, continuing its upward trajectory. This rally has been driven by several factors, including economic uncertainty and institutional interest. The largest cryptocurrency by market cap reached a high of $95,444 in the past 24 hours of trading, a level not seen since mid-February. At the time of reporting, Bitcoin was trading at $95,104, up slightly by 0.1% from the previous day. Its market capitalization stands at $1.88 trillion.

The ongoing rally has seen Bitcoin increase by 13.3% in the past week and 15.7% in the past month. This surge is largely attributed to the economic uncertainty that has weakened traditional assets like stocks and fiat currencies, leading investors to seek safe-haven assets such as gold and cryptocurrency. Gold recently reached a new all-time high at $3,390, reflecting this trend.

Institutional interest has also played a significant role in the recent rally. U.S. spot Bitcoin ETFs have seen $764 million in net inflows over the past week, indicating a growing interest from institutional investors. Additionally, data from CryptoQuant shows that more than 85% of Bitcoin holders are now in profit, marking a 10% increase from its previous dip to 75%.

Analysts predict that if Bitcoin manages to break through $98,000, it could return to its previous $100,000 level. However, a decline at this point could lead to a further drop towards the $85,000–$87,000 range. The current rally is a testament to the resilience of Bitcoin and its ability to attract investors during times of economic uncertainty.