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The price of Bitcoin reached an all-time high of $121,207.55. Currently, it is at $120,729, an increase of 1.34% compared to yesterday. The price has risen by 12.2% since the beginning of the month and by 28.9% since the beginning of the year.
This movement helped reset the short-term technical indicators that are now rising again.
George Mandres, a senior investor at XBTO Trading LLC, told Bloomberg, "The increased risk appetite in equities and significant institutional inflows into spot Bitcoin and Ethereum ETFs have fueled this steady rise."
The factor fueling the recent rise was the liquidation of cryptocurrency investments that were on a downward trend at the end of the week. According to Coinglass data, investors who shorted Bitcoin suffered the largest blow from rapid losses with over 1 billion dollars in positions being wiped out. #Trump Pressures Powell#