Bitcoin ETFs are not the only reason behind BTC's meteoric price performance

Bitcoin price action still continues to remain in a sideways range between $65,000 and $66,000, for some bearish analysts posit that the price action will continue to range/fall, while bulls believe the price is in an accumulation zone ahead of the next push higher.

Now, beyond what Bitcoin's price action may be performing over the past few days, what is really important is to analyze the conditions that have managed to keep Bitcoin in an uptrend with just over two weeks to go before the next Bitcoin halving occurs.

One of the elements to keep in mind why Bitcoin is rising because it is a flight to safety in the face of the devaluation of fiat currencies, this according to ARK Invest CEO Cathie Wood.

According to Wood, "New U.S. exchange-traded funds (ETFs) may have driven the traditional narrative around Bitcoin in 2024. While institutions are finally getting some much-needed exposure to BTC, ordinary citizens are being presented with an even more significant opportunity."

Wood also referred that, "to the performance of currencies such as the Nigerian naira and the Egyptian pound, which have lost around half their value against the U.S. dollar in recent months"

Cointelegraph. Bitcoin is hedge against ‘horrible’ gov’t fiscal policy — Cathie Wood. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph