Bitcoin (BTC), the leader of cryptocurrencies, rose to the 63 thousand dollar band in the light of positive data on the last trading day of the week.

After all the pain and turbulence of April, the cryptocurrency market has entered an impressive period. The Bitcoin (BTC)-driven bullish wave excited crypto investors.

With the Fed’s interest rate decision behind and the agenda out of the negative outlook, BTC became a driving force. BTC has risen 12 percent since May 1. So is the rise a bull trap or a bear trap?

Why did Bitcoin (BTC) rise?

Leading cryptocurrency Bitcoin (BTC) has risen 8.14 percent in the last 24 hours. BTC’s upward progress also started activity in altcoins. Many altcoins witnessed sensational money inflows.

Crypto investors breathed a sigh of relief as BTC rose to $63,000. Investors started looking for the answer to the question “Why is BTC rising?”

For the first time since the launch of Spot Bitcoin ETFs, Grayscale’s GBTC realized net inflows. GBTC, which has been sales-oriented since the first day, has developed a buying appetite. This data was an important factor in BTC’s rise.

The Fed rate decision and the easing of geopolitical tensions also paved the way for BTC.

BTC formed the bottom zone with its decline to the $ 57,000 region. The formation of buying appetite in this region revealed a rapid rise. The closure of short (bearish) transactions also reflected positively on BTC.

BTC analysis: Will the rise continue?

Will BTC, which has revitalized the cryptocurrency market, continue its rise? What are the key price levels and what kind of scenario awaits us?

As you can see from the chart, BTC had an important resistance breakout. The cryptocurrency leader turned the outlook positive as it broke through the $60,800 resistance and held above this resistance zone. BTC started to move step by step towards the 64,000 resistance.

This rise was interpreted as a bear trap by some and a bull trap by others. Looking at the chart, the rise was not a trap and was a healthy rebound from the previous decline. BTC could be in for a healthy weekend, especially with Grayscale realizing net outflows for the first time. We could see BTC test the 64,000 resistance this weekend.

If BTC breaks $64,000 and stays above it, it may realize an intermediate rise up to $66,500. On the first trading day of the week, if spot Bitcoin ETF data comes in positive and Grayscale maintains net inflows, the $70,000 region may become a target for BTC.