Consolidating in a narrow range since the bankruptcy of cryptocurrency exchange FTX, Bitcoin (BTC) has surpassed $19,000 for the first time since November 8, according to data.
This rally in Bitcoin sparked a positive mood swing among crypto traders.
While investors are happy with the rally in BTC and altcoins, experts say that falling US inflation, weakening US dollar and expectations for a slower rate hike by the FED contributed positively to the BTC rally.
Andrew Melville, research analyst at crypto derivatives analytics firm Block Scholes, which covers the rally in Bitcoin and the shift in sentiment among traders, wrote in his report today:
“It shows that BTC’s derivatives market is now not only pricing the bearish trend, but also reflecting the increase in demand for exposure to the upside.
Bitcoin’s rally reflects confidence among sophisticated market participants that BTC’s rally to two-month highs may be just the first milestone in its upward trajectory.”
The US CPI figures announced yesterday also contributed positively to the Bitcoin rally. After the data that came within expectations, sharp movements were seen in Bitcoin.
Although the transaction experienced a sudden decline from $ 18,380 to BTC 17,900 when the data was announced, it rose above $ 18,000 in a short time.
bitcoin Continuing its rise after the CPI data that pushed the rally above $19,000 BTCtrading at $18,914, just under $19,000 at the time of writing.
*Not investment advice.
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