Bitcoin surges beyond $23,000 for the first time since June 13 thanks to bulls.
In a surprising turn, market leader Bitcoin (BTC) rose above $ 23,000 for the first time since June 13th. Over the past 24 hours, Bitcoin has gained 9% to trade at $ 23,400. This suggests that Bitcoin is above the 50-day simple moving average that was last seen on April 10th. A daily close above this line indicates the beginning of a reverse trend. This move reflected a broader risk mood in global markets, as evidenced by a significant increase in major European and American indices.
But more importantly, the decline in the dollar index (DXY) coincided with a recovery in positive sentiment. On July 14, DXY rose to 109.0608. Since then, three consecutive daily closures in the red suggest the stock has resumed its struggle against Monday’s low of 106.6199. The fall of Bitcoin in May has had an impact on the crypto industry. Since June 14, BTC has reversed its downward trend and moved into a relatively sideways price pattern. Some analysts today mention the bottom of a major gap to the top. Going deeper, Oanda analyst Edward Moya said signs of stable price behavior at the end of the month could signal the end of the bear market. “If Bitcoin is stable over the next two weeks, crypto winter will be over. Market position is intense and institutional money will allow a fund to form.
“However, there is a problem with the Fed’s monetary policy meeting scheduled for July 27th. Traders are betting that the central bank will raise rates by 100 basis points in an attempt to curb record inflation. An earlier gain of 75 basis points on June 15 sent the price of Bitcoin swinging 12%, just above the previous day’s close of $ 22,647.
