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Bulls send Bitcoin surging above $23,000 for the first time since June 13

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In an unexpected turn of events, market leader Bitcoin (BTC) surged above $23,000 for the first time since June 13. Bitcoin has jumped 9% in the last 24 hours and is trading at $23,400 at the time of writing.

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This shows that BTC is moving above the 50-day simple moving average – the last time it happened was on April 10th. A daily close above this line suggests the beginning of a trend reversal.

bitcoin daily chart
Source: BTCUSDT on TradingView.com
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The move reflected the risk appetite in global markets, as evidenced by the significant gains in major European and US indices.

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But more importantly, the depletion of the dollar index (DXY) coincided with a resumption of bullish sentiment. As a result of the rapid rise, DXY peaked at 109.0608 on July 14th. Since then, three consecutive red daily closes have shown the asset struggling to recover against Monday’s low at 106.6199.

DXY daily chart
Source: US Dollar Index on TradingView.com

Has Bitcoin reached its bottom?

The fall of bitcoin since May has caused a stir in the crypto industry. Since June 14, BTC seems to have weathered the worst, returning to a relatively flat price pattern.

A significant upside breakout today has led some analysts to predict a bottom. Further clarifying, Edward MoyaAn Oanda analyst, said that continued signs of stable price action until the end of the month could signal the end of the bear market.

“If Bitcoin continues to stabilize here over the next two weeks, crypto winter could be over. Market positioning has become extreme and this could lead to a bottom being hit if institutional money buys.”

However, the impediment is the upcoming Fed monetary policy meeting scheduled for July 27th. Traders are betting that as a result of the Fed meeting, it may raise rates on 100 basis points in an attempt to cool runaway inflation.

The previous 75 basis point rally on June 15 resulted in a 12% swing in the price of bitcoin and the closing price of the day was slightly higher than last time at $22,647.





Credit : cryptoslate.com

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