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BlockNews
Home BREAKING NEWS

Bitcoin Set for $70,000 Soon and Here is Why

by Matoy
September 24, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • QCP Capital highlights a pivotal moment for markets, boosting Bitcoin’s price potential through global monetary easing.
  • China’s central bank cut reserve ratios, adding liquidity to global markets, benefiting risk assets like Bitcoin.
  • Traders see $65,000 as a key level for Bitcoin to break, potentially leading to further gains.

Bitcoin may be in line for significant price gains as global liquidity expands, fueled by easing policies from central banks in the United States and China, according to traders. QCP Capital, a trading firm, noted in its latest update that Bitcoin could benefit from this “pivotal moment” in global markets.

China’s central bank, the People’s Bank of China (PBoC), recently lowered reserve requirement ratios (RRR) by 50 basis points, signaling a monetary easing trend. This move, alongside similar actions from the U.S. Federal Reserve and European Central Bank, is creating a more favorable environment for risk assets like Bitcoin.

China’s Liquidity Boost Fuels Optimism

China’s policy shift has freed up approximately 1 trillion yuan for lending, and the country has also initiated a 500-billion-yuan program to stimulate stock market investment. This action has sparked optimism across global markets, as reflected in a 4.15% rally in the Shanghai Composite Index.

QCP Capital expressed confidence that the wave of global easing will support asset prices in the near term. They predict that Bitcoin, in particular, could benefit as liquidity flows into the market, providing strong support for a potential rally.

Traders Eye Key Bitcoin Levels

Despite this optimism, Bitcoin remained steady around $63,000, with traders watching for key levels at $62,000 and $65,000. According to market data, liquidity has thickened on both sides, as Bitcoin continues to trade within a narrow range.

Tags: Bitcoin
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