Bitcoin on course for its fifth straight day of gains, surpassing $71,000
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Bitcoin began to rebound after reaching a low of $69,024 on May 31 and has spent the first few days of June in the green. Bitcoin surpassed $71,000 on Tuesday, achieving highs of $71,108, and has since risen to intraday highs of $71,375 in today's trading session, on course for its fifth straight day of gains.This sustained upward momentum comes as market traders increasingly bet on a Federal Reserve rate reduction as early as November, following indicators of easing U.S.
Expectations of looser financial conditions that tend to benefit speculative assets like cryptocurrencies, alongside these developments, have provided a favorable backdrop for Bitcoin's ascent past the $71,000 mark. Moreover, a short-term, 30-day correlation between Bitcoin and the Nasdaq 100 Index, which tracks U.S. technology stocks, is at its highest since early 2023. This correlation suggests that further advances in the tech stock index could signal corresponding upward movements for Bitcoin.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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