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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why Are Bitcoin And Crypto Up Today?

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Why is Bitcoin up today

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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.

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Bitcoin Price Restarts Increase But This Resistance Is The Key

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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.

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

2 years ago

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
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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