Bitcoin (CRYPTO: $BTC) is on track to post its fourth consecutive weekly gain as both retail and institutional investors move money back into risk assets such as cryptocurrencies.
BTC is currently trading at $77,200 U.S., up 4% on the week. On April 22, the price briefly touched $80,000 U.S. before quickly retreating.
The gains for Bitcoin coincide with strong inflows into spot Bitcoin exchange-traded funds (ETFS), with nearly $1 billion U.S. recorded over the past week, one of the strongest weekly intakes since January of this year.
• Ripple, The Company Behind XRP, Is Valued At $50 Billion
In the past eight trading sessions, Bitcoin’s price has risen from $68,000 U.S. to $78,000 U.S., a 12% increase.
However, analysts warn that market sentiment remains fragile as tensions in the Middle East persist despite a three-week ceasefire between Israel and Lebanon being announced.
Consequently, oil prices remain elevated, with Brent crude climbing above $106 U.S. per barrel, reinforcing inflation concerns and weighing on risk-sensitive assets such as crypto.
Also, the U.S. dollar has firmed up on safe-haven demand, reflecting broader caution in global financial markets.
Still, some leading players in the crypto sector say that the worst is over for digital assets.
Michael Saylor, the chairman of Strategy (NASDAQ: $MSTR) has declared that the “crypto winter” that began last October has now concluded.