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Share link:In this post: BTC is lagging behind the latest expansion of the money supply in the past six months. BTC broke above the 200-day moving average, potentially bringing a new breakout. In the short term, BTC may break above $70,000, with more enthusiasm as the US Presidential Election closes in.
Bitcoin (BTC) broke out above $66,000, raising the expectations for ‘Uptober’, a month to abandon the latest price weakness. Two weeks into the month, however, BTC growth is still lagging from predictions and factors like the M2 money supply.
Bitcoin may be preparing for a bigger rally, though there may be barriers to break. The past quarter saw BTC move sideways. At the same time, global M2 supply continued to flow, especially after the US Fed took the path of quantitative easing. In 2024, the M2 money supply started expanding again in April, rising from 103T to more than 107T going into the final stretch of 2024.
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