Bitcoin (BTC) seems to be slowly recovering from its recent price dip. The original crypto has reclaimed the $112,000 price level after plummeting to below $108,000 earlier this month. According to CoinGecko’s Bitcoin data, BTC’s price has risen by 1.6% in the last 24 hours, 0.9% in the weekly charts, and 96.8% since September 2024. Despite the recovery, BTC is down 0.8% in the 14-day charts and 1.6% over the previous month. Let’s discuss if Bitcoin (BTC) will continue to rally over the coming weekend.
Is Bitcoin Gearing Up For a Weekend Rally?
If Bitcoin (BTC) enters the $113,000 price level, it will break the downward pattern that has unfolded since mid-August.
The market dip over the last few weeks could have been due to low ETF inflows. ETF inflows have been a key market driver this cycle. Both Bitcoin (BTC) and Ethereum (ETH) climbed to new all-time highs thanks to consistent ETF inflows from financial institutions. According to Farside Investors, ETF inflows have picked up the pace once again over the last few days.
The dip may have also been due to September historically being a bearish month for Bitcoin (BTC). Investors may have taken a cautious approach this month. However, the trend may break this year as the Federal Reserve is expected to announce an interest rate cut soon. The market resurgence could be due to the expectations of a rate cut.
Also Read: Bitcoin Wallet Awakens After 13 Years With $53 Million Profit
The bullish developments may lead to positive price action for Bitcoin (BTC). The asset could climb to a new all-time high if it continues its upward trajectory. However, there is a possibility that BTC will face a correction over the coming days. Macroeconomic factors may present challenges to the crypto market. Global trade wars and shifting alliances could introduce fresh volatility. Such a scenario could lead to BTC’s price going down.