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,
We współpracy z: https://www.newsbtc.com/news/why-is-bitcoin-crypto-up-today/
