Bitcoin (BTC) price soars nearly 5% and surpassed the $20k level today after struggling to surpass the psychological level for weeks. Experts predict the BTC price could rally above the $22,400 level as this time it’s different. Whale accumulation, low trading volume in the traditional markets, fall in BTC supply on exchanges, and fall in the US dollar index are some factors influencing the Bitcoin rise.
Bitcoin (BTC) Price Awaits Bullish Momentum
Bitcoin (BTC) price has jumped nearly 5% in the last 24 hours, successfully pushing the price above $20k levels. The 24-hour low and high are $19,152 and $20,071, respectively.
The major factor driving the BTC price movements in the last few weeks is the US dollar index rising 20-year high of 114.78. However, the DXY index today dropped below 111 driving a slight recovery in the crypto market, as well as stock markets. In fact, the Credit Suisse situation is causing investors to take respite in Bitcoin.
Bitcoin has a correlation with the U.S. equities market. Moreover, the price action of BTC and the trading volume of the stock market indicates a direct relationship. The US Stock Market Volume Depth oscillator determines the bullish and bearish scenarios
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