The starting point for the Bitcoin market’s recent declines is the prospect of faster-than-expected economic growth in the United States, thanks to the extreme fiscal expansion and a recent rebound in job growth to pre-pandemic levels, which has boosted the bond yields and, in turn, accelerated demand for the US dollar in foreign markets.
But then, Bitcoin stays on its long-term bullish course, having surged by more than 1,500 percent at one point in time from its last year’s bottom on $3,858. The benchmark cryptocurrency was trading at $53,983 on Friday, still up 1,300 percent despite its recent decline.
Bitcoin stays on its upside road despite the latest price correction. Source: BTCUSD on TradingView.com
More investors want to hold Bitcoin