- Bitcoin, which had been showing slow growth all last week, ended the week by breaking through the $80,000 mark.
- Inflow of funds into US spot bitcoin ETF resumed.
- Trump continues to promise a positive outcome for events in the Strait of Hormuz.
On Sunday night Bitcoin rose above the $80,000 mark, pulling the entire cryptocurrency market up with it, they show data CoinGecko.
BTC’s daily high was $80,529, with a daily gain of around 2,5%. At the same time, Altcoyin number one эфириум rose in price by 3,6% to $2382, XRP finally broke the $1,4 level.
“Bitcoin’s sharp surge above $80,000 broke through the resistance zone that had limited price movement over the weekend,” noted Nick Rooke, director of LVRG Research. “This rapid shift confirms bullish momentum in the short term and indicates buying strength following the previous correction.”
Zeus Research analyst Dominic John believes markets are experiencing a technical “short squeeze” as prices have broken through a “major” resistance zone.
Source Tradingview
This jump can be explained message US President Donald Trump posted on the social network Truth Social about “Project Freedom,” which he says will “free” cargo ships stuck in the Strait of Hormuz.
According to Trump, the ships “will be able to continue their operations freely and unimpeded” as early as Monday morning. Also on Sunday, Trump stated that his representatives were “in very positive discussions” with Iran, and these could “lead to something very positive for everyone.”
Along with this, According to SoSoValue, American spot bitcoin ETF are marking the fifth consecutive week of inflows, with inflows last week reaching $153,87 million.
Traders will be watching initial jobless claims on May 7 this week for signals about the state of the labor market, which, like events in the Middle East, is weighing on risk sentiment, according to John Rooke.
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