{"id":527295,"date":"2023-04-18T11:10:28","date_gmt":"2023-04-18T11:10:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=527295"},"modified":"2024-06-11T07:54:28","modified_gmt":"2024-06-11T07:54:28","slug":"bitcoin-and-crypto-are-rising-today","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-and-crypto-are-rising-today\/","title":{"rendered":"Bitcoin And Crypto Are Rising Today, Here&#8217;s Why"},"content":{"rendered":"<p>The Bitcoin price remains the all-determining trend setter for the crypto market. After the Bitcoin price fell to as low as $29,173 yesterday, dragging all altcoins down with it, the crypto market is back in the green across the board today.<\/p>\n<p>At press time, the Bitcoin price has once again climbed above the key resistance level of $29,800. This means that BTC has gained 2.7% since yesterday&#8217;s low and was trading back above $29,900. Altcoins such as Arbitrum (ARB), Chainlink (LINK) and Avalanche (AVAX) are recording sharp price gains, dwarfing the Bitcoin uptrend.<\/p>\n<figure id=\"attachment_527300\" aria-describedby=\"caption-attachment-527300\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-527300 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?resize=3625%2C1672\" alt=\"Bitcoin price\" width=\"3625\" height=\"1672\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=3625 3625w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=2048 2048w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=1140 1140w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-18_12-02-41.png?w=3000 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-527300\" class=\"wp-caption-text\">Bitcoin price, 1-hour chart l Source: <a href=\"https:\/\/www.tradingview.com\/x\/hnpTRmVE\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<h2>Here&#8217;s Why Bitcoin And Crypto Are Up Today<\/h2>\n<p>As NewsBTC <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-dips-below-29500-heres-why\/\" target=\"_blank\" rel=\"noopener \">reported<\/a>, yesterday&#8217;s correction in the Bitcoin price can be seen as a technical consolidation. In particular, the medium-term macroeconomic outlook continues to argue that both Bitcoin and the entire crypto market will see a continuation of their rally.<\/p>\n<p>An impetus for today&#8217;s rally may have been provided by the macro data from China, among other things. As announced in the morning hours today, China&#8217;s economy grew by 4.5% in the first quarter of 2023, the fastest pace in a year.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-strength-fails-breach-key-bullish-level\/\" target=\"_blank\" rel=\"noopener \">Not So Fast: Bitcoin Strength Fails To Breach This Key Bullish Level<\/a><\/div>\n<p>Moreover, the increase was steeper than expected, as the end of &#8220;Zero COVID&#8221; led to a surge in consumer spending and factory output. All data were positive across the board. Gross Domestic Product (GDP) (YoY) came in at 4.5% in Q1 2023, up from 4.0% estimate.<\/p>\n<p>Retail sales rose to 10.6% in March (YoY), versus 7.4% estimate. The unemployment rate was 5.3% versus 5.5% (estimate).<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Overall, strong Macro data from <a href=\"https:\/\/twitter.com\/hashtag\/china?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#china<\/a> \ud83d\udce2<\/p>\n<p>\ud83c\udde8\ud83c\uddf3 Industrial Production (YoY) (Mar) came in at 3.9% Vs. 4.0% Est.<\/p>\n<p>\ud83c\udde8\ud83c\uddf3 GDP (YoY) (Q1) came in at 4.5% Vs. 4.0% Est.<\/p>\n<p>\ud83c\udde8\ud83c\uddf3 Retail Sales (YoY) (Mar) came in at 10.6% Vs. 7.4% Est. <\/p>\n<p>\ud83c\udde8\ud83c\uddf3 Unemployment Rate came in at 5.3% Vs. 5.5% Est.<a href=\"https:\/\/twitter.com\/hashtag\/GDP?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#GDP<\/a> <a href=\"https:\/\/t.co\/4btei6LudT\" rel=\"nofollow\">https:\/\/t.co\/4btei6LudT<\/a><\/p>\n<p>&mdash; BACH (@MortensenBach) <a href=\"https:\/\/twitter.com\/MortensenBach\/status\/88169729?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The US dollar index (DXY) is also likely to have provided additional impetus. Bitcoin and the DXY are inversely correlated, which means that the cryptocurrency usually rises when the DXY falls.<\/p>\n<p>The DXY has come under heavy pressure in recent weeks, but has experienced a minor relief rally since Friday, pushing the index up from 100,807 to 102,207. Now today, the DXY is showing a renewed weakness, plunging to 101,603.<\/p>\n<h2>What&#8217;s Next For Bitcoin And The DXY?<\/h2>\n<p>With this in mind, Glassnode co-founders Jan Happel and Yann Allemann call Bitcoin&#8217;s current move a &#8220;shallow correction,&#8221; which is the hallmark of a strong bull market rally. The analysts argue that there was a possibility of a potential pullback to $25,000.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/company-peter-brandt-goes-long-bitcoin-his-target\/\" target=\"_blank\" rel=\"noopener \">Company Of Legendary Peter Brandt Goes Long Bitcoin, Here\u2019s His Target Price<\/a><\/div>\n<p>However, this has not materialized as Bitcoin has risen to $30k in a matter of days. &#8220;This is a very clear signal of the strength of momentum and higher prices are expected,&#8221; write Happel and Allemann, who <a href=\"https:\/\/twitter.com\/Negentropic_\/status\/59346944\" target=\"_blank\" rel=\"noopener nofollow\">add<\/a>:<\/p>\n<blockquote><p><strong>We have pointed out $35k as the next major target &#8211; before $47k. This is still the outlook just as we expect much higher prices into late Q2 and Q3. But we still need to ask the question of the possible consequence for bitcoin if\/when DXY moves to 105-107.<\/strong><\/p><\/blockquote>\n<p>The two analysts expect the DXY to reach the 91-93 range before the end of the year. However, based on the Elliott wave theory, they do expect a bounce to the upside first:<\/p>\n<blockquote><p><strong>We expect DXY to reach 105.8 or perhaps 107.2 &#8211; before rolling strongly over. A convincing decline below 100 would seriously question this setup.<\/strong><\/p><\/blockquote>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price remains the all-determining trend setter for the crypto market. After the Bitcoin price fell to as low as $29,173 yesterday, dragging all altcoins down with it, the crypto market is back in the green across the board today. At press time, the Bitcoin price has once again climbed above the key resistance level of $29,800. This means that BTC has gained 2.7% since yesterday&#8217;s low and was trading back above $29,900. Altcoins such as Arbitrum (ARB), Chainlink (LINK) and Avalanche (AVAX) are recording sharp price gains, dwarfing the Bitcoin uptrend. Here&#8217;s Why Bitcoin And Crypto Are Up Today As NewsBTC reported, yesterday&#8217;s correction in the Bitcoin price can be seen as a technical consolidation. In particular, the medium-term macroeconomic outlook continues to argue that both Bitcoin and the entire crypto market will see a continuation of their rally. An impetus for today&#8217;s rally may have been provided by the macro data from China, among other things. As announced in the morning hours today, China&#8217;s economy grew by 4.5% in the first quarter of 2023, the fastest pace in a year. Related Reading: Not So Fast: Bitcoin Strength Fails To Breach This Key Bullish Level Moreover, the increase was steeper than expected, as the end of &#8220;Zero COVID&#8221; led to a surge in consumer spending and factory output. All data were positive across the board. Gross Domestic Product (GDP) (YoY) came in at 4.5% in Q1 2023, up from 4.0% estimate. Retail sales rose to 10.6% in March (YoY), versus 7.4% estimate. The unemployment rate was 5.3% versus 5.5% (estimate). Overall, strong Macro data from #china \ud83d\udce2 \ud83c\udde8\ud83c\uddf3 Industrial Production (YoY) (Mar) came in at 3.9% Vs. 4.0% Est. \ud83c\udde8\ud83c\uddf3 GDP (YoY) (Q1) came in at 4.5% Vs. 4.0% Est. \ud83c\udde8\ud83c\uddf3 Retail Sales (YoY) (Mar) came in at 10.6% Vs. 7.4% Est. \ud83c\udde8\ud83c\uddf3 Unemployment Rate came in at 5.3% Vs. 5.5% Est.#GDP https:\/\/t.co\/4btei6LudT &mdash; BACH (@MortensenBach) April 18, 2023 The US dollar index (DXY) is also likely to have provided additional impetus. Bitcoin and the DXY are inversely correlated, which means that the cryptocurrency usually rises when the DXY falls. The DXY has come under heavy pressure in recent weeks, but has experienced a minor relief rally since Friday, pushing the index up from 100,807 to 102,207. Now today, the DXY is showing a renewed weakness, plunging to 101,603. What&#8217;s Next For Bitcoin And The DXY? With this in mind, Glassnode co-founders Jan Happel and Yann Allemann call Bitcoin&#8217;s current move a &#8220;shallow correction,&#8221; which is the hallmark of a strong bull market rally. The analysts argue that there was a possibility of a potential pullback to $25,000. Related Reading: Company Of Legendary Peter Brandt Goes Long Bitcoin, Here\u2019s His Target Price However, this has not materialized as Bitcoin has risen to $30k in a matter of days. &#8220;This is a very clear signal of the strength of momentum and higher prices are expected,&#8221; write Happel and Allemann, who add: We have pointed out $35k as the next major target &#8211; before $47k. This is still the outlook just as we expect much higher prices into late Q2 and Q3. But we still need to ask the question of the possible consequence for bitcoin if\/when DXY moves to 105-107. The two analysts expect the DXY to reach the 91-93 range before the end of the year. However, based on the Elliott wave theory, they do expect a bounce to the upside first: We expect DXY to reach 105.8 or perhaps 107.2 &#8211; before rolling strongly over. A convincing decline below 100 would seriously question this setup. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":527303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-527295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin And Crypto Are Rising Today, Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"The Bitcoin price remains the all-determining trend setter for the crypto market. 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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\u2019s 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\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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