Bullish momentum from positive US labor market data and Chinese stimulus, along with regulatory clarity and investor appeal, are leading Bitcoin on its way to $66.000.
According to data from the CoinMarketCap platform, the price of Bitcoin, the market-leading cryptocurrency, has experienced a notable rebound in the last 24 hours, reaching a value of $65.685 dollars, at the time of writing this article.
Several analysts have highlighted that this growth in the price of Bitcoin is related to several factors, with the main catalysts for the current bullish momentum being favourable data from the US labour market and promises of economic stimulus from China.
Bitcoin is approaching $66.000 in the market
According to the platform's data, on September 27, the price of Bitcoin (BTC) touched the $66k level, reaching a value of $65.900 in the morning hours. This level is considered crucial for market sentiment.
Source: CoinMarketCap
A recent report noted that keeping the Bitcoin price near or above this level is essential to confirm bullish momentum in the crypto market and set the stage for potential further increases in the cryptocurrency price. The report also highlighted that Bitcoin has reclaimed all of its major moving averages, which could indicate a path to sustained growth in the coming days.
Despite the downward pressure that the bitcoin price In the past week, trading at around $62.000, interest in the cryptocurrency remains strong. Analysts suggest that if Bitcoin manages to close above $65.000 consistently, it could open the door to a rally that leads it to conquer new all-time highs.
The price of the leading cryptocurrency began to recover substantially after the US Department of Labor published its latest report, highlighting a number of favorable indicators on the labor market. In addition, this week the Central Bank of China presented strong measures to stimulate the economy, announcing its largest cut to interest rates, something that cryptocurrency analysts have interpreted as a positive sign for the market in general.
Bitcoin trader Jake Ostrovskis told The Block that China is playing a key role in the current price recovery of the leading cryptocurrency.
Gary Gensler Reaffirms That Bitcoin Is Not A Security
On the other hand, the current chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, has reaffirmed his position that Bitcoin is not classified as a securityThe announcement, which comes amid a climate of regulatory uncertainty, provides welcome clarity for cryptocurrency investors.
The fact that Bitcoin is not considered a security by the SEC may influence its adoption and how investors approach the asset. According to analysts, with Bitcoin's growing acceptance in traditional financial markets, its status as an unregulated asset could be a factor that attracts more institutional investors.
However, Gensler stressed that while Bitcoin is not classified as a security, most altcoins do fit that definition and should therefore be under the SEC's oversight. With these statements, Gensler has reignited the debate over the need for regulation in the United States to address controversies in the oversight of the cryptocurrency market.
Spot ETFs attract $366 million in investment on September 26
According to data from the Soso Value platform, which tracks the cryptocurrency market, on September 26, the Bitcoin spot ETFs listed in the United States attracted a total of $366 million in investment, with the ARKB ETF, from Ark Invest and 21Shares, raising around $114 million, and the IBIT ETF, from BlackRock, raising around $93,3 million.
Source: Soso Value
Experts have highlighted that as Bitcoin price maintains a steady climb and approaches $66.000, driven by favorable macroeconomic factors and growing confidence in its regulatory status, investors seem more willing to explore the cryptocurrency’s opportunities and remain vigilant for upcoming market fluctuations. SEC Chairman Gary Gensler’s recent assertion that Bitcoin is not a security has also strengthened investor confidence, supporting Bitcoin’s recent growth.
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