Should you buy Bitcoin as it jumps to a 1-year high?

Should you buy Bitcoin as it jumps to a 1-year high?
фото показано с : coinjournal.net

2023-6-24 11:27

Bitcoin trades above $30k despite the dollar strengthening against other fiat currencies News that BlackRock prepares to launch a spot Bitcoin ETF helped SEC’s lawsuits create uncertainty

Bitcoin trades at a 1-year high after breaking out of a consolidation that looks like a bullish flag pattern. As such, the cryptocurrency has made a new higher high, keeping the bullish bias intact despite consolidating since April. 

While trading above $30k it is hard to make a bearish bet on Bitcoin. That is specifically true if looking at what happened in the traditional currency market, where the US dollar strengthened across the board. 

For example, the EUR/USD exchange rate dropped from 1.10 to 1.0850 on news that the European PMIs weakened more than the market expected. Also, the GBP/USD dropped on weak UK data. 

All in all, the dollar strengthened last week, but it did not gain against Bitcoin. 

Just the opposite. 

Bitcoin chart by TradingView

What drives the Bitcoin price higher? 

By now, it is obvious that the dollar’s weakness did not drive the move higher. Therefore, something else must be the cause of this bullish breakout. 

Two possible explanations exist. 

One is related to BlackRock, the American multinational investment company, one of the largest in the world. News surfaced that the company submitted an application for a spot Bitcoin ETF designed to track the underlying market price of Bitcoin. Therefore, some argue that BlackRock might know something in advance. 

Another is that investors’ trust in the industry builds up with the recent SEC lawsuits. A more transparent industry should be a positive for crypto investors. 

Regardless of the reason, Bitcoin trades above $30k on the dollar’s strength against other fiat currencies. If the divergence continues, Bitcoin might have more upside. 

On the flip side, no one knows how the cryptocurrency market will react to the Binance and Coinbase verdicts. 

The post Should you buy Bitcoin as it jumps to a 1-year high? appeared first on CoinJournal.

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bitcoin 1-year high trades create uncertainty lawsuits

Источник: coinjournal.net

bitcoin 1-year → Результатов: 22


Фото:

Bitcoin Dips Below $4K to 1-Year Low, What’s Next?

Bitcoin used to show little correlation with traditional assets, but the worst day for the US and European stock markets in three decades turned into one of the worst days for the crypto space. Bitcoin Plummets to $3,858 on Coinbase On Friday morning, many crypto exchanges saw Bitcoin tumbling to a daily low at around $3,800, after which it quickly returned to above $4,000.

2020-3-14 12:26


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