Bitcoin continues to rise and surpasses $44,000

Bitcoin price continues to recover from the January 2022 low to the 1-month high.

According to Coin Metrics, the price of bitcoin rose to $44,500 at one point, its highest level since Jan. 5, 2022. Despite the recovery, the price of bitcoin is still well below the record of nearly 60,000 U.S. dollar.

Positive developments continued the recovery on February 5 after the US released a better than expected jobs report. Many investors believe the upbeat jobs data will continue to push the Fed to raise interest rates and higher bond yields.

Recent economic data is putting a lot of pressure on BTC as institutional investors view the digital currency as a risky asset. However, there is still no consensus on how to measure BTC’s value.

Bitcoin has been highly correlated with stock prices lately as US stock indexes have rallied, as has BTC.

According to professional analysts and traders, the recent BTC price has been supported by Amazon’s stock price as well as favorable business results. The sharp rise in Amazon earnings has given investors confidence to return to risky investment portfolios, including BTC.

The US employment situation and positive signals from the world’s leading economy are also the reasons for BTC’s sharp rise in price after a number of days of decline.

In particular, the broader acceptance of Bitcoin in many parts of the world is helping to reduce fears and misinformation, causing more investors to take an interest in BTC and a sharp increase in demand.

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