Bitcoin (BTC) price is giving investors a breather. The digital currency, which was trading at nearly $60,000 last Thursday, February 5th, reached $72,226 this Monday, marking the beginning of its highest price since “Black Thursday.”
The following graph shows that Bitcoin movement in the past 7 days.
Bitcoin’s recent bullish peak (trading at $70,500 at the time of writing, as seen by the CriptoNoticias price calculator) Indirect Consequences of Official Victory in Japanese Parliamentary Elections. This result further strengthened Prime Minister Sanae Takaichi’s ability to act.
Mr. Takaichi was in charge of Expansionary monetary policy. For example, during his term last year, he approved a $135 billion stimulus package aimed at stimulating the economy.
Early this morning, Japan’s Nikkei 225 futures rose sharply as the Tokyo market moved closer. “Analysts say this could prompt a wide range of actions, including by defense contractors and food manufacturers who would benefit from the consumption tax cut,” local media Asia Nikkei said.
Y Bitcoin eyes stocks with potential increase in liquidity of Asian power.
According to technical analysis and support and resistance theory, Digital currencies are likely to remain flat within this range As in the past, prices will fluctuate for some time.
Another asset that is rising is gold.back to the $5,000 per ounce zone, showing a move that is highly correlated with Bitcoin’s.
Altcoins are showing mixed movements. Some stocks are making big bullish moves, including Humanity Protocol (H), Decredo (DCR), and MYX Finance, with weekly gains of more than 15%.
However, other stocks are broadly trending down. These include STABLE, ZEC, and TRUMP, with weekly declines of more than 18%.
However, the price of Bitcoin and cryptocurrencies does not only depend on what happens in Japan. Therefore, upcoming news from around the world (particularly the US) will help determine whether BTC continues on the bullish path it appears to have started on.
