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Bitcoin Price Breaks Out to Highest in Almost 3 Weeks
Bitcoin's price is moving in line with major indices, but it's too early to say whether this is a sustained rally.
Updated May 11, 2023, 6:12 p.m. Published Mar 22, 2022, 5:59 p.m.
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Bitcoin rose to a three-week high as cryptocurrencies moved with major stock market indices.
- Bitcoin (BTC) rose to $42,673 as of press time, up 4.1% in the past 24 hours.
- The price of the largest cryptocurrency by market value touched $43,337 earlier Tuesday, the highest point since March 3.
- “Bitcoin's price is, broadly, moving in line with the major indices,” said Jason Deane, chief bitcoin analyst at Quantum Economics. “Crypto Twitter has been forecasting an upwards movement based on a combination of technical analysis and certain fundamentals, but it's too early to say whether this is a sustained rally.”
- Bitcoin trading volume is around 30,000 BTC in the past 24 hours, a low point compared to the past month.
- “As $BTC soars to $42,000, more than 15,000 BTC in outflows from exchanges were spotted yesterday,” IntoTheBlock Insights wrote in a comment, “the largest since Jan 29.”
- Bitcoin outflows from exchanges are often seen by crypto analysts as a sign that traders aren’t looking for a quick sale – so they might be moving the coins into long-term custody or storage options. An elevated rate outflows is typically seen as bullish.
- “The last time BTC experienced a large outflow,” IntoThe Block wrote, “it was followed by a significant rise in price.”
- The bitcoin market took a hit briefly on Monday after Federal Reserve Chair Jerome Powell signaled in a speech that the U.S. central bank might raise the benchmark interest rate by half a percentage point at certain meetings over the rest of the year. He said that officials are ready to “slow the market” to bring down the inflation.
- However, the market bounced back aggressively Tuesday despite the Fed’s hawkish attitude. Equity markets also went up. Nasdaq was up 1.7% and the S&P 500 was up 1%.
- Before announcing a more aggressive Fed action, the Federal Open Market Committee (FOMC) announced a 0.25 percentage point rate hike last Wednesday.
- Elsewhere in cryptocurrency markets, ether (ETH) was up 2.14% over the past 24 hours and solana (SOL) was up 4.35%.
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