On Thursday, Bitcoin’s price (BTC-USD) surged to $81,000 even while the United States faced its highest inflation numbers in four years. The S&P 500 and Dow Jones hit new all-time highs during the same session, proving that investors no longer care about the warnings from the central bank. This recovery is happening because the global money supply just jumped by a massive $1 trillion. Traders now believe the next stop for the market is a breakout toward $85,000.
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Kobeissi Letter Describes the Risk Surge
Investors are currently moving money into risky funds at a record pace. The Kobeissi Letter explains that the money supply grew by 4.6% this year, which is a major reason why digital assets are rising. The total amount of money in the system keeps growing even with officials talking about higher interest rates. Leveraged funds now hold a record $177 billion because people are betting everything on the market going higher.
CrypNuevo Identifies the Key Support Level Price for Bitcoin
The market is currently sitting at a very important price level. Many experts believe a huge jump is coming soon if the price stays above $79,400. The trader CrypNuevo stated that Bitcoin is at the most important level and a successful hold will push the price toward $84,000 or $85,000. The crypto market is showing that it can survive even the worst economic news while oil prices are struggling to stay high.
At the time of writing, Bitcoin’s price is sitting at $81,013.88.
