Bitcoin price recorded its highest weekly close in 2022: What’s next?

Bitcoin price has been steadying around $47,000 after minor fluctuations last week. While Russia is still considering accepting cryptocurrencies for oil and gas, the Ukrainian government recently released an NFT Collection named ‘Museum of War’.

Here are some of last week’s major crypto events:

  • Bitcoin has reached its highest weekly close year-to-date as well as weekly gains for two consecutive weeks. This recovery was likely due to two main factors: An increase in demand for both spot markets and crypto-based funds.

Top 10 Cryptocurrencies by Market Capitalization:

What were some factors behind the Bitcoin price climb?

Bitcoin price has been experiencing some price fluctuations in the past few weeks. Over the weekend, BTC surged to $45,000 and closed the week at $47,000, marking the highest weekly close year-to-date.

Bitcoin price has been moving sideways around the $40,000 psychological level for an extended period of time.

The recent $7,000 surge extended on the back of BTC’s upswing two major events:

  • The US Federal Reserve announced that it would increase interest rates by 0.25%, marking the central bank’s first such rate adjustment since 2018.

Recent data by CoinShares revealed that institutions have been heavily investing in cryptocurrencies, as inflows in digital asset funds are at the highest levels in three months.

Bitcoin remained in the spotlight, with over 50% of last week’s institutional capital going into products based on BTC. Total inflows reached $98 million.

Bitcoin was a popular choice among European investors with 76% of inflows coming from the region, after the news that the bill banning proof-of-work (PoW) mining did not pass.

Investors should also pay attention to Bitcoin’s break above its 50-day Simple Moving Average (SMA). According to to historical trends as suggested by Bespoke Investment Group this could signal further price surges.

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