This Week in Crypto – Bitcoin Rallies Above $65K Following China’s $278B Stimulus Announcement
Bitcoin’s price crossed above $65,000 on Thursday after China announced adjustments in its monetary policies, which experts say have fueled rallies in the past. Data from CoinGecko shows BTC reached $66,304 on September 27th before plunging to its current price ($65,535).
Short Traders Lose $107 Million Following Bitcoin’s Rally
While the sudden bullish move has been music to the ears of long-term Bitcoin investors, it has brought significant losses to several short traders. CoinGlass reported on Saturday that over $107 million worth of short positions had been liquidated since Thursday.
In a long X post, 10x Research’s analyst Markus Thielen explained the possible impact of China’s latest monetary policies on crypto. The policies, which include a $278 stimulus package, are aimed at enhancing the Chinese economy. According to Thielen, this move has boosted investors’ spending power in the past, bringing more liquidity to the crypto market. He points out the 2013 rally, which began after Chinese investors started pouring funds into various cryptocurrencies.
Analyst Says Bitcoin Could Reach $90K by December
The announcement about the stimulus package comes a few days after the US Central Bank cut interest rates by 50 bps. Thielen says these factors are likely to trigger massive capital inflows in the cryptocurrency markets over the coming days. He’s optimistic that Bitcoin will hit $70,000 in October and rally to $90,000 before the end of the year.
Another crypto analyst who’s bullish on Bitcoin is CEX.IO’s Illia Otychenko. On Friday, he told a journalist from Decrypt that if Bitcoin crossed the $66,800 – $67,500 supply zone, it would not have tougher hurdles to overcome, making the journey to $73,778 ( all-time-high) easier.
Interestingly, Bitcoin’s current bullish move comes when reports indicate that price volatility in crypto has dropped to 41%. Typically, when price volatility reduces, institutional investors find BTC more appealing, prompting them to open large positions.
How Have Top Altcoins Performed This Week?
All the top ten cryptocurrencies are closing the week with gains. Ethereum has surged 1.8% to $2,687 in the past seven days. BNB and Solana are up 1.6% and 5.5% to $593.59 and $156, respectively. XRP, On the other hand, trades at $0.6231 after posting 7-day gains of 4.5%. Finally, Dogecoin has seen the most gains this week (16.9%). It’s valued at $0.1265.
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