Bitcoin Rallies Fueled by Luna BTC Buys and Shifting Market Sentiment

Market Sentiment

Bitcoin has surged to a record high of about $47,524 in 2020 in what is attributed to the overall change in market sentiment and token buys at Luna.

The significant Luna buy was a 125 million USDT purchase of BTC by Luna Foundation Guard as part of the deal to amass 3 billion USD worth of bitcoin as TerraUSD reserves.

The primary cryptocurrency is up 5% on the last day after rising more than 12% in the previous week in a six-day sustained rally.

The CEO of BitBull Capital, Joe DiPasquale, notes that the bulls are pushing to see the price of Bitcoin consolidate above $46k for upward continuation. DiPasquale also notes that more volatility could be seen as the quarter ends.

Fund manager QCP Capital links the price surge in the primary cryptocurrency to the overall asset rally. The firm expects that the momentum will be sustained in the short term.

Bitcoin’s bullish momentum has also been reflected among the alternative tokens. Ether has rallied to trade at over $3,250, the highest point since the start of last month.

Source: Coindesk

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