• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Fears Regarding Global Economy May Have Sparked This Bitcoin Rally, But Will It Continue to Fuel It?

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin BTC
Advertisement

Bitcoin has been incurring significant volatility over the past few days, which is, in many ways, emblematic of the improving market conditions, as BTC surged from year-to-date lows of below $4,000 to recent highs of nearly $14,000.

Now, analysts are noting that the Fed’s recent dovish stance regarding the economy is what sparked the latest crypto rally, but the question now is whether or not Bitcoin’s status as a “safe haven” asset will be enough to continue propelling it higher.

After Breaking Above $10,000, Technical Strength May Be Enough to Propel Bitcoin Higher

At the time of writing, Bitcoin is trading up over 7% at its current price of $11,950 and is up significantly from its 24-hour lows of $10,500 that were set yesterday.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

After rapidly surging to highs of $13,800 earlier this week, BTC incurred a massive influx of selling pressure that sent it reeling lower and acted as a slap in the face to bulls who were basking in the glory of the cryptocurrency’s upwards swing.

Despite this, the cryptocurrency has since posted a strong recovery from its lows of $10,500 and is now close to breaking back into the $12,000 region.

Although what causes Bitcoin’s massive price movements always remains somewhat of a mystery, analysts are noting that this latest rally may have been sparked by the Fed’s dovish stance towards the economy, which may have led many investors to turn to Bitcoin.

“It really started to rally hard when the Fed started pivoting toward dovishness. So, that means the three central banks are all pretty dovish. I think that’s why people are going into bitcoin,” Jim Iuorio, a long-time trader and the managing director at TJM Institutional Services, said while speaking to CNBC.

Will Economic Instability Be Enough to Push BTC to Fresh All-Time-Highs 

Although the Fed’s stance towards the economy can largely be defined as dovish presently, it is unclear whether or not concerns regarding potential economic problems down the road will be enough to push Bitcoin higher.

Despite this, analysts also believe that the technical strength Bitcoin incurred as a result of its move to above $10,000, may be enough to lead BTC significantly higher.

“The size and the speed of the rally was unsustainable, and the size and the speed of the correction was even worse. But what something like that just does is it shakes out the weak hands… This is…a healthy movement… I think it [Bitcoin] could easily gather itself above the $10,000 level and resume what it was doing before,” Iuorio further explained.

As the week comes to an end and the weekend trading session kicks off, it is highly likely that BTC will continue higher as its bulls ramp up the buying pressure and continue its upwards momentum.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Blockchain is Finally Becoming What Was Promised

Blockchain is Finally Becoming What Was Promised

9 hours ago
Chainlink Paints Golden Cross as BlockFi Announces LINK Support

Chainlink Paints Golden Cross as BlockFi Announces LINK Support

13 hours ago
Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

14 hours ago
Binance, Binance Coin, Binance Smart Chain, BNBUSD, BNBBTC, BNBUSDT, BNB

Binance Coin (BNB) Bull Run: Analyst Makes Bold Case for $500

15 hours ago
Upside Potential in NFTs is Massive Says Gary Vaynerchuk

Upside Potential in NFTs is Massive Says Gary Vaynerchuk

20 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

21 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.