Key Points
- Bitcoin managed to regain the important level of $64k earlier.
- Now, BTC is trading close to the same mark, and the coin is up by about 6% in the past 24 hours on CoinMarketCap.
Bitcoin began this week with a price drop to its lowest levels in more than two months as May kicked off. BTC’s price dipped to a little above $56,500, ahead of making a comeback, marking the debut of Bitcoin’s seasonality.
Now, in the past hour, Bitcoin has managed to regain the important level of $64k, and the coin is now trading just a little below the mark. BTC is now up by about 6% in the past 24 hours on CoinMarketCap.
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The week kicked off with Federal Reserve Chair Jerome Powell stating on May 1 that the current target range for the federal funds rate would be maintained for as long as necessary.
He also mentioned that the Federal Reserve was prepared to respond to any unexpected weakening in the labor market. As investors’ attention was focused on the Fed’s move, Bitcoin’s price dropped but managed to make a strong comeback today.
Trading legend Peter Brandt highlights Bitcoin’s unparalleled potential
As Bitcoin is showing bullish moves, the trading legend Peter Brandt has been addressing the coin’s potential, along with useful trading advice on his X account.
He just shared a post addressing aspiring traders and what they need in order to trade with significant profits.
The other day, he also shared his thoughts on Bitcoin’s huge potential via the same social platform.
In his X post, he noted that Bitcoin is the trade of a lifetime, and there has never been and never again will be another asset like it. He shared his perspective from his 50-year career as a professional trader.
Bitcoin — the trade of a lifetime
There has never been and never again will be another asset like Bitcoin $BTC
Here is the perspective from my 50-year career as a professional traderhttps://t.co/fyHrGRRHLo pic.twitter.com/dwrBwtknqP— Peter Brandt (@PeterLBrandt) May 3, 2024
Also, the other day, Bitcoin ETFs recorded a total net inflow of $378 million. This day marked the first net inflow day following seven days of net outflows. Also, this was the day when Grayscale Investments recorded positive net inflows for its Bitcoin ETF, GBTC, of $63 million.
