Bitcoin price is up today as institutional investor inflows and increased trading volumes restore BTC’s bullish momentum.
Bitcoin (BTC) price is up today, topping $42,866 after dipping as low as $40,300 over the weekend. The rally highlights traders’ continued bullish bias for Bitcoin, which produced the best November performance since 2020 and remains on a bullish trajectory in December.
The bounce back above $42,000 comes amid $4 billion BTC being sold in two days, setting an 18-month high. The recovery may show the markets’ belief that a spot BTC exchange-traded fund (ETF) will be approved in January 2024, and the expectation of approval is matched with significant cash inflows from institutional investors.
Now that BTC has notched its best monthly close in 19 months, let’s look into the reasons why Bitcoin price is up today.