Bitcoin price surged above $30K USD, around $1000 in the last 24 hours or nearly 7%, while the Dollar Strength Index (DXY) also gained 0.5%.
However, there is no specific news that caused the digital currency to take a leap, and while that could change, bitcoin’s dynamics may also have changed.
After the November 2022 low, there may now simply be fewer sellers than buyers, pushing the price higher.
In addition, Ethereum has a major update this Wednesday that will bring a major cryptocurrency yield for the first time to watch.
The problem so far has been that Ethereum had to be blocked indefinitely. With the update that unlocks the money, they can be withdrawn at any time.
This could have medium- and long-term effects on the demand for cryptocurrencies, but the ratio between Ethereum and Bitcoin is somewhat low, so Bitcoin is leading this movement.
This is likely why bitcoin is testing to shift sentiment towards more excitement, plaguing traders as it has been sidelined for nearly a month now as it attempts higher prices.
If we surpass $30,000 today, it’s only $600 more than last week’s brief peak, but it also marks a new high since June.
Such gains, therefore, as much as they resemble a possible bull run, now speak not of the movement itself, but of what the movement suggests.
For example, some traders claim that there has been a breakout to the upside that is “disgustingly bullish”.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.