Bitcoin's price has seen a significant increase over the last 10 days, with the price going up by 12% and reaching $63,451. This sudden surge in price can be attributed to various factors, including the US Non-Farm Payrolls report, which investors believe will lead to imminent rate cuts in 2024.

The US Non-Farm Payrolls report revealed a slower-than-expected job growth, leading investors to speculate that the Federal Reserve may reduce interest rates in 2024. This speculation has led to an increase in the price of Bitcoin, as investors seek alternative assets to invest in. The report also revealed a decrease in unemployment rates, which has further boosted investor confidence in the market.

Another key factor contributing to Bitcoin's price increase is the decrease in supply of Bitcoin on exchanges. The supply is currently at a monthly low, leading to an increase in price as buyers are forced to up their bids marginally. This decrease in supply can be attributed to various factors, including the increasing adoption of Bitcoin as a store of value and the decrease in selling pressure from miners.

The price increase has also been influenced by the increasing demand for Bitcoin from institutional investors. Many institutional investors have started to see Bitcoin as a viable alternative to traditional assets, leading to an increase in demand and, subsequently, an increase in price. This demand is expected to continue, with many investors seeking to diversify their portfolios and hedge against inflation.

As Bitcoin's price continues to rise, many investors are eagerly watching the market to see if it will sustain its momentum. The next few weeks will be crucial in determining the long-term direction of Bitcoin's price. If the price continues to rise, it may lead to a significant increase in mainstream adoption and further legitimize Bitcoin as a viable alternative to traditional assets.

Bitcoin's price increase over the last 10 days can be attributed to various factors, including the US Non-Farm Payrolls report and the decrease in supply of Bitcoin on exchanges. As the market continues to evolve, many investors are eagerly watching to see if Bitcoin will sustain its momentum and continue to rise in price.

Additionally, the technical indicators are also pointing to a continued price increase, with the Relative Strength Index (RSI) indicating that Bitcoin is not yet overbought. This suggests that there may still be room for growth, and many investors are taking advantage of this opportunity to invest in Bitcoin.

The increasing adoption of Bitcoin as a store of value is also a key factor contributing to its price increase. Many investors are seeking alternative assets to invest in, and Bitcoin's decentralized and secure nature makes it an attractive option. As more investors become aware of Bitcoin's potential, its price is likely to continue rising.

The next few weeks will be crucial in determining the long-term direction of Bitcoin's price. If the price continues to rise, it may lead to a significant increase in mainstream adoption and further legitimize Bitcoin as a viable alternative to traditional assets. As the market continues to evolve, many investors are eagerly watching to see what the future holds for Bitcoin.