Bitcoin Price Surge Is Mostly During US Hours! Here Is What It Means
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Bitcoin is strongly holding on to its $23,000 range and is leading the crypto bull market. The flagship currency which had reached $15,000 area after FTX collapsed, is now maintaining its $23K range and is pushing hard to move beyond this level.
At the time of writing, Bitcoin is selling at $23,012 with a gain of 0.16% over the last 24hrs.
While the Bitcoin attempts to move towards its next target, industry experts speculate for a correction ahead. Among them is Michael van de Poppe who claims that traders are no longer showing interest in going long for Bitcoin. This is because he believes that BTC will face a rejection at $23,600 area. He is of the opinion that BTC will face lower price levels in the days to come.
#Bitcoin breaks upwards and tests that level at $23.6K, to immediately reject.
Question today will be whether GDP will push price towards new highs again or we’ll go sub $22.9K, which means lower prices to come.
Not much interested in longs here. pic.twitter.com/TmBSGKpMSz
— Michaël van de Poppe (@CryptoMichNL) January 26, 2023
US Investors Drive Bitcoin Price Hike
When we look at the reasons for the current crypto market rise, the majority of the claim will be towards the upcoming CPI report and the decreasing inflation rate. However, Matrixport, a crypto service platform claims that the recent Bitcoin price hike is led by US institutional investors. As per the report, since the start of 2023, Bitcoin has gained more than 40% and amongst this 35% of the gain was during US trading hours. Hence, the platform claims that the majority of the bull run is due to US investors.
Further the report briefs that if any asset, especially the one that trades for 24hrs, is seeing a massive gain during the US hours it just means that institutional investors are the one who are purchasing. On the other hand if the gain is during Asian hours, it means that it’s the Asian investors who are making the purchase.
Filed under: Bitcoin - @ January 28, 2023 11:22 am