• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Why is Bitcoin up today

Why Are Bitcoin And Crypto Up Today?

Jake Simmons by Jake Simmons
2 weeks ago
in Cryptocurrency Market News
Reading Time: 2 mins read

The price of Bitcoin has risen by 2% over the past 24 hours. After nine consecutive red daily candlesticks, the price of BTC finally posted a green daily candlestick yesterday (Sunday). However, analysts are divided as to whether Bitcoin will now climb back towards $30,000 or whether it will head lower again.

Why Are Bitcoin And Crypto Are Up Today

Today’s rise in Bitcoin can, as always, be attributed to several reasons, all of which are interrelated. However, a major focus for the Bitcoin and crypto market at the moment is the US Dollar Index (DXY) – because of its inverse correlation. The DXY is (also) facing a major pivotal decision right now.

As technical analyst Gert van Lagen explains, the DXY could be facing a head-and-shoulders (H&S) reversal, similar to what happened in 2020/2021. However, this time it is signaling a downtrend rather than an uptrend.

More than two years ago, the DXY showed an H&S bottom under red downtrend, the right shoulder was above the SMA 200, and a final pullback marked the start of a rally. Currently, the DXY is facing an H&S top above green uptrend. The right shoulder is below the SMA 200, while the current rise may be a last bounce before a bear phase.

DXY
DXY head and shoulders reversal | Source: Twitter @GertvanLagen

So why is Bitcoin and crypto up today? The DXY has been rejected at resistance at 102.8 after rising over the last five days. The DXY saw a slight pullback (for now) to 102.5 at press time. The move could give crypto traders hope that the head-and-shoulders (H&S) reversal is being confirmed.

Related Reading: Bitcoin Price Restarts Increase But This Resistance Is The Key

On the other hand, Bitcoin itself is currently facing a hotly debated head-and-shoulders pattern in the 1-day chart. While some analysts are clamoring for another Bitcoin crash towards $25,200 or even lower, other analysts see BTC on a very good path towards invalidating the chart pattern.

Similar to 10 March, the long wick candle May 12 (last Friday) may have marked the local bottom for Bitcoin. However, to confirm this, BTC needs to rise above the trendline (black) at $27,500 in the near future.

#Bitcoin needs to confirm invalidation of the head & shoulders pattern (1D chart). Then, local bottom is probably in.

🎯A breakout above $27,500 is the target. pic.twitter.com/vjqAAcScH3

— Jake Simmons (@realJakeSimmons) May 15, 2023

On the other hand, today’s price movement can once again be attributed to the futures market. As analyst @52Skew reported, Bitcoin shorts on Binance were squeezed at the start of the Asian trading session, totalling -2.2K BTC. Despite this, the funding rate remained in negative territory.

Related Reading: This Week In Bitcoin And Crypto: Key Dates That Will Impact Prices

This is an indicator that the futures market remains bearish. The majority of traders holding short positions are paying funding fees to those holding long positions. Notably, the spot market still shows a relatively high premium. (The stuff of a short squeeze?)

#Bitcoin With a relatively high spot premium causing some negative funding rates across the board.

Spot premium = Difference between spot market prices and perpetual/futures market prices. pic.twitter.com/cJWl31RN7X

— Daan Crypto Trades (@DaanCrypto) May 15, 2023

A third reason could be the growing renewed interest in Bitcoin from large investors. As analyst Ali Martinez discovered, the number of addresses with a balance of 100 BTC or more has increased by 200 in the last four days.

#Bitcoin | The number of addresses with a balance of 100 $BTC or more have increased by 200 addresses in the past four days. pic.twitter.com/qmsLPoSXEr

— Ali (@ali_charts) May 15, 2023

At press time, the Bitcoin price was hovering below the trendline, trading at $27.411.

Bitcoin price
Bitcoin price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
Tags: bitcoinbtccrypto
Tweet123Share196ShareSend
Jake Simmons

Jake Simmons

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Related Posts

Dogecoin

Dogecoin Bounces Off $0.070 Mark, Awaits Breakthrough of Crucial Hurdle

2 hours ago
Floki Inu

Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot?

3 hours ago
BTC bet – Top BTC casinos

BTC bet – Top BTC casinos

4 hours ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

6 hours ago
Ethereum

Ethereum Correction: Key Level Break Can Shift Price Course

8 hours ago
Ethereum (ETH) Block Size Surges

Ethereum’s Block Size Surges To 1-Month High – What This Means For ETH

8 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • OpenAI crypto project Worldcoin raises $115M Tradecurve to...

    30 mins ago
  • TMS Network (TMSN) Exceeds Popular Meme Coin Rivals Shiba...

    2 hours ago
  • Traders Union published the list of Best Forex Brokers in...

    5 hours ago
  • Coinbase battles with SEC users are moving to Tradecurve

    7 hours ago
  • Cardano to hit 1$, Floki inu braces for price breakout and...

    7 hours ago

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.

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 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.