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

In an unexpected event, market leader Bitcoin (BTC) has begun trading above $ 23,000 for the first time since June 13. In the last 24 hours, Bitcoin has skyrocketed 9% and traded at $ 23,400 at the time of writing.

This shows that BTC is above the 50-day simple moving average. This last happened until April 10th. Daily closing prices above this line signal the start of a trend reversal.

This move reflects the broader risk-on-mood in the global market, as evidenced by the significant rise in major European and US indices.

But more importantly, the depletion of the dollar index (DXY) was in line with the new bullish sentiment. In the soaring run, the DXY peak was seen at 109.0608 on July 14. Since then, the daily closing price of red for the third consecutive time has been struggling to reestablish assets against Monday’s low of 106.6199.

Is Bitcoin at the bottom?

Bitcoin slides since May have had a sensation throughout the crypto industry. Since June 14, BTC seems to have stopped the worst and returned to a relatively flat price pattern.

An important break to today’s turnaround is bottomed out by some analysts. To explain in more detail, Edward MoyaOanda analysts said that continued signs of stable price behavior until the end of the month could mark the end of the bear market.

“If Bitcoin remains stable here for the next two weeks, the crypto winter may end. Market positioning will be extreme and will bottom out if institutional funds are bought. It may be possible. “

However, there are hurdles to the Fed’s monetary policy meeting scheduled for July 27.Traders say the outcome of the meeting will raise the Fed’s rates 100 basis points To cool runaway inflation.

The last 75 basis point increase on June 15 ended the day with a 12% volatility in Bitcoin prices at $ 22,647, slightly higher than the previous day.