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Why Is The Bitcoin Price Surging Toward $38,000 Today?

The Bitcoin price saw a substantial surge on Sunday that brought it from the low $36,000s that dominated the majority of the weekend above $37,000 once again. The rally which saw its local peak at $37,500 had taken the crypto market by surprise as investors had begun to get used to the low momentum that often characterizes weekend trading.

Milei’s Win Triggers Renewed Vigor

On Sunday night, the results of the Argentinian presidential elections were announced and Javier Milei, a candidate whose pro-Bitcoin stance had garnered him an active following had emerged victorious in the elections. Apparently, Milei had won by a good margin, showing the willingness of residents to be accepting of cryptocurrencies.

As a result of this win, all eyes turned back on Bitcoin and the price enjoyed a significant rally as a result. The jump in price was swift, coming in right after the results were announced. The Bitcoin price went from $36,400 at the start of the day, to end the day at $37,000.

By Monday, the cryptocurrency is still holding the majority of its gains and continues to trade above $37,000. The 28% jump in daily trading volume is a testament to the renewed faith in investors who are once again throwing their hats in the ring.

Bitcoin Fear & Greed Index Pops Back Into Greed

During the weekend, the investor sentiment surrounding the Bitcoin price had begun to wane, causing the score on the Bitcoin Fear & Greed Index to fall back toward 60. However, this was only short-lived as investors once again piled back into the market.

The Fear & Greed Index has now risen back firmly into greed which suggests that investors are still very bullish. During times like these, new money is likely to pour back into the market and this has helped to prop up the Bitcoin price and hold above $37,000.

Bitcoin Price Forms Support Above $36,800

Support for Bitcoin price at the start of Sunday was sitting above $36,400 but by Monday, the bulls had reclaimed $36,800 which has now turned into support for the cryptocurrency. In this case, the bulls are now firmly in control of the price, making it easier to hold BTC above $37,000.

There is also a lot of support coming in for Bitcoin especially as Tether announced its entrance into the Bitcoin mining sector. According to reports from last week, Tether is investing $500 million into its Bitcoin mining operations in a bid to become one of the major miners.

All of these events have converged into a bullish narrative for Bitcoin that has continued to prop up its price. And if this bullish narrative continues, then the price could cross $38,000 before the week is over.

BTC price above $37,000 | Source: BTCUSD on Tradingview.com

Featured image from Forkast News, chart from Tradingview.com


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