why is Bitcoin price up
Is Bitcoin bullish or nah? Here is what is really going on with BTC price
Since March 2022, traders and so-called analysts have been forecasting a policy change or pivot from the United States Federal Reserve. Apparently, such a move would prove that the Fed’s only available option is to print into oblivion, further diminishing the value of the dollar and enshrining Bitcoin (BTC) as the world’s future reserve asset and ultimate store of value. Apparently. Well, on Nov. 2, the Fed raised interest rates by the expected 0.75%, and equities and crypto rallied like they usually do. But this time, there was a twist. Prior to the Federal Open Market Committee (FOMC) meeting, there were a few unconfirmed leaks stating that the Fed and White House were considering a “policy pivot.” According to comments issued by the FOMC and during Jerome Powell’s presser, Powell ...
Bitcoin analysts map out the key bull and bear cases for BTC’s price action
Research has detailed Bitcoin’s recent record-low volatility and, while traders expect an eventual price breakout, the Oct. 26 BTC price move to $21,000 is not yet being interpreted as confirmation that $20,000 has now become support. In a recent “The Week On-chain Newsletter,” Glassnode analysts mapped out a bull case and a bear case for BTC. According to the report, the bear case includes limited on-chain transaction activity, stagnant non-zero address growth and reduced miner profits presenting a strong Bitcoin sell-off risk, but data also shows that long-term hodlers are more determined than ever to weather the current bear market. The bull case, on the other hand, entails an increase in whale wallets, outflow from centralized exchanges and hodling by longer-term investors. Stall...
Why is Bitcoin price up today?
Bitcoin price is up today, and a market-wide rally in crypto prices suggests that BTC and Ether (ETH) could be aiming to wrap up the month of October in the black. As of October 26, 2022, most major cryptocurrencies are posting single-digit gains. Bitcoin recorded a 5.15% price increase within the last 24 hours and a 5.48% gain within the last 7 days. While the current price is fluctuating, BTC is holding above the psychologically important $20,000 level. The following chart shows the BTC rally since October 24, 2022. BTC price. Source: Cointelegraph Stocks are beginning the day down as Bitcoin continues to remain over $20,000. Bitcoin’s momentum has continued for 3 days now and is seeing green candles today. The recent price spike pushed Bitcoin’s total market capitalization above the $1T...
