Bitcoin Surges to $80,000 as US Stocks Reach New Highs
- Bitcoin (BTC) rebounded to $80,000 on Thursday, coinciding with record highs in US stock markets.
- The S&P 500 achieved its highest daily close ever, while the Dow Jones Industrial Average approached the milestone of 50,000 points.
- Assets under management in US leveraged ETFs reached a record $177 billion, indicating increased risk appetite among investors.
- US M2 money supply grew by over $1 trillion year-on-year, reaching a total of $22.7 trillion.
- Traders suggest Bitcoin could target $85,000 if it maintains support around the $79,400 level.
Despite high inflation figures in the US, Bitcoin’s rise reflects strong investor confidence and market dynamics favoring risk assets like Bitcoin. The surge in both cryptocurrency and stock markets showcases a growing appetite for investment amidst financial uncertainties.
As BTC holds crucial support levels near $79,400, traders are optimistic about a potential breakout toward $85K following its recent recovery to $80K.(Source)
