With US regime destabilizing the global markets and trade routes again, the energy prices such as oil price are shooting up once more. This has already started a new round of increasing inflation. We already know inflation is positive for bitcoin (fiat dumping, bitcoin rising) and we are seeing how it has been helping the recovery and the new round of testing the $65k resistance level.
As I said before, if we can break this resistance and go above it then we can expect the bull run to begin. So the coming days are crucial.
Inflation is just one factor influencing Bitcoin's price, and in my personal opinion, it's not the most significant.
Yes, oil prices are also a factor, but I think the most decisive factor right now is the global flow of liquidity into ETFs. It's too tempting for many investors (who, by the way, are using leverage) to quickly pour money into the already overheated ETF market. I don't know what the current situation is with US bonds, but the last time I checked, their yields were excellent, and this is another stream of liquidity from the crypto world.
And of course, I'd like to point out Fed policy and the situation with ETF inflows and outflows. The latter is of paramount importance, and unfortunately, it's not encouraging, as there are continuous outflows, especially from BlackRock. And, of course, Saylor's statements about selling Bitcoin are a negative.
And what I want to note is that I am surprised that Bitcoin has managed to grow since July 1st, right from the 57,800 mark, which became a local minimum.
The leading cryptocurrency is stubbornly enduring all these negative factors and moving upward. It seems the next stop is 70k.