bitcoin news<\/a> daily on wncen.com<\/span><\/div>\n[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"
[vc_row][vc_column][vc_column_text]The Bitcoin price continues its upward trend, defying bad news, most notably the Commodity Futures Trading Commission (CFTC) filing a lawsuit against Binance. While BTC dropped 5% within an hour of the news, the bulls have already erased those losses. In light of the Binance lawsuit and the hawkish stance of the US Federal Reserve (Fed) at the last FOMC meeting, the Bitcoin price is showing remarkable resilience. Despite the negative news, Bitcoin is managing to shake it off relatively quickly, indicating the relative strength of the bulls. In the medium term, this supports the case for higher BTC prices, with the $28,800 area remaining the key resistance zone. On Friday, the release of the Personal Consumption Expenditures Price Index (PCE) in the US is likely to provide a key signal for the market. The PCE is the Fed’s favored inflation gauge and could provide major volatility once again depending on the data. The reasons for the current Bitcoin price rally are various. Macro Outlook And A Potential Fed Pivot During the last FOMC meeting, the US central bank published its projections for interest rate policy this year (dot plot) and predicted no rate cuts. In the past week, the Fed has repeatedly stated that it does not expect any rate cuts in 2023. Related Reading: CFTC Vs. Binance: Cumberland Outlines 3 Scenarios For Bitcoin And Crypto However, financial markets are calling this a bluff. As the analysts of The Kobeissi Letter note, analysts see a 50\/50 chance of a 25 basis point rate hike in May. However, the futures still call for at least three rate cuts by December 2023. Bitcoin is known to be a sponge that soaks up loose monetary policy. Accordingly, Bitcoin investors seem to be maintaining their bullish stance at the moment, despite the CFTC lawsuit against Binance. DXY Provides Bullish Environment For Bitcoin Probably also supporting the price at the moment is the continued weakness of the US Dollar Index (DXY). The fall of the DXY from 105.94 on March 7 to now only 102.68 is undoubtedly providing a tailwind for the Bitcoin price. Another drop towards the yearly low under 101 will likely further fuel the Bitcoin price without a doubt. Traders should therefore keep an eye on the DXY due to the inverse correlation. Persistent Banking Crisis Boosts BTC Also bullish for Bitcoin is the ongoing banking crisis in the United States. As NewsBTC reported, more than $2.5 trillion in commercial real estate debt will come due over the next five years, with smaller banks holding 70% of commercial real estate loans. Elon Musk called this the “most serious looming problem” in the banking system. Related Reading: Bitcoin Repeating This Price Pattern Of Late 2019? Watch This Meanwhile, US President Joe Biden admitted yesterday that the US banking crisis is “not over yet.” Smaller banks in particular continue to be the focus of the crisis. As renowned analyst Rany Woodward explained via Twitter, deposits of small banks that are not among the 25 largest banks fell by $125 billion last week, of which $65 billion was accounted for by the 25 largest banks. “NOT good for communities as small community banks will have to tighten credit availability,” Woodward wrote. Short Liquidations Drive Bitcoin Higher On the support side, the bulls were able to parry any sell-off attempt by the bears yesterday. Bitcoin tested and held the key support for the current momentum at $26,800 in the smaller time frames. On a breakdown, the first bearish target would have been at around $25,300. However, the bulls have had the upper hand, leading to major short liquidations in the Bitcoin market – although thin liquidity may also have contributed to the swift move. Thus, a classic short squeeze has propelled BTC in explosive move to a new five-day-high today. According to Coinglass data, about $60 million in shorts were liquidated today in the overall crypto market, $27.5 million in Bitcoin. However, analyst Skew is warning: BTC Binance Spot Heatmap: Thick ask liquidity between $28K & $30K Would need some sizeable market buying to push through here. At press time, the BTC price was at $28,515, eyeing the resistance zone at $28,800. Featured image from iStock, chart from TradingView.com Read bitcoin news daily on wncen.com [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":571,"featured_media":524803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-524801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n
4 Reasons Why The Bitcoin Price Is Up Today<\/title>\n<meta name=\"description\" content=\"Reasons why the Bitcoin price is up today. A brief overviiew of the reasons for the current Bitcoin price rally.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/why-is-the-bitcoin-price-up-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Reasons Why The Bitcoin Price Is Up Today\" \/>\n<meta property=\"og:description\" content=\"Reasons why the Bitcoin price is up today. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is The Bitcoin Price Up Today?","url":"http:\/\/wncen.com\/news\/why-is-the-bitcoin-price-up-today\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-is-the-bitcoin-price-up-today\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1291935777-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1291935777-1.jpg?fit=1356%2C774"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2023-03-29T09:35:12Z","datePublished":"2023-03-29T09:35:12Z","dateModified":"2024-06-11T08:10:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Is The Bitcoin Price Up Today?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-is-the-bitcoin-price-up-today\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-is-the-bitcoin-price-up-today\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1291935777-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1291935777-1.jpg?fit=1356%2C774\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2023-03-29T09:35:12Z\",\"datePublished\":\"2023-03-29T09:35:12Z\",\"dateModified\":\"2024-06-11T08:10:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1291935777-1.jpg?fit=1356%2C774","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524801"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524803"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-29_11-03-17.png?resize=3625%2C1672\")