Bitcoin (BTC), the largest and oldest crypto by market cap, jumped past the $67,000 level on Monday as China’s economic stimulus plans sent the country’s stock flying.
China’s stimulus measures to support the world’s second-largest economy could offer a strong boost to crypto throughout the rest of the year amid a reduction to U.S. benchmark interest rates.
Bitcoin’s Retakes $67K Amid Broader Market Rebound
Bitcoin has made another push toward establishing a foothold above $67,000. Up 1.9% week-to-date, BTC gained a collateral boost from events in China, where comments from a top government official pushed Chinese stocks higher. BTC added 3.2% in the past 24 hours to trade hands for $67,491, CoinGecko data shows.
In a briefing on Saturday, China’s Finance Minister Lan Fo’an laid out the nation’s plans to provide a fiscal stimulus package to revive its giant economy and hinted at more government borrowing.
BTC had been trading sideways below $63K in recent weeks after falling below $59,000 following last Thursday’s hotter U.S. CPI inflation report and ample turmoil in financial markets.
“2 higher lows, a higher high & prices pushing for new highs again,” pseudonymous crypto trader Jelle proclaimed in an Oct. 14 X post.
“Summer lull is behind us. Let’s have some fun,” Jelle added.
Simultaneously, Ethereum, the second-largest cryptocurrency by market capitalization, is also experiencing upward pressure, trading at $2,666, up 3.4% from the previous day.
And Solana, the fifth biggest coin, has also jumped by 2.9% in the past day. The Ether rival is now priced at $153.55, having ticked up about 9.6% over the past seven days.
Is Green Uptober Back?
The beginning of October marked a relatively rocky start for the cryptocurrency market. The majority of the top cryptos nursed significant losses during the first week of the month.
October is typically a strong month for Bitcoin, and historical data from the last five years indicates consistent bullish performance.
While Bitcoin’s move higher today is a far cry from the traditional degree of gains in October, the crypto has given traders cause for optimism.
“Regardless where we go from here, I see new highs in this year or Q1 next year,” popular trader Crypto Tony noted on X.
CryptoQuant CEO Ki Young Ju recently observed that Bitcoin has less than two weeks left to kick off a parabolic upsurge, based on historical patterns observed after previous halvings.
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