This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The Bitcoin price experienced a significant surge on Sunday, surpassing the low $36,000 range that had been prevalent over the weekend. This rally came as a surprise to investors who had grown accustomed to the lackluster weekend trading. The catalyst for this surge was the victory of Javier Milei, a pro-Bitcoin candidate, in the Argentinian presidential elections. Milei’s win demonstrated the population’s acceptance of cryptocurrencies, leading to renewed interest in Bitcoin. The price jumped from $36,400 to $37,000 following the election results and has maintained its gains above $37,000. The increase in daily trading volume reflects the renewed confidence of investors. The Bitcoin Fear & Greed Index, which had briefly fallen, has now risen back into greed, indicating bullish sentiment among investors. The formation of support above $36,800 further strengthens the bullish narrative for Bitcoin. Additionally, Tether’s entrance into the Bitcoin mining sector, with a $500 million investment, has garnered support for the cryptocurrency. These factors combined suggest that Bitcoin’s price could potentially surpass $38,000 by the end of the week.