Today, BTC might finally break upwards. The price has surpassed $61,000 again. It’s too early to celebrate as we need a weekly close above $63,000 for a true reversal. Time will tell if those who strengthened short positions above $60,000 were right again.
Bitcoin Rises Again
BTC has been making short sellers happy with every upward attempt for weeks. However, things might change now. The price has surpassed $61,000. Moreover, this rise is linked to the weakening DXY and the expected easing of Fed policy.
The details of the Fed minutes we reported last minute are reminiscent of those from January 2022. Back then, strong signals for monetary tightening were given, accelerating market declines. The only difference today is that those strong signals are now for easing.
Although the price has surpassed $61,000, it needs to close at current levels and accelerate during the Asian market opening. If we see a weekly close above $63,000, investors waiting for a drop might be disappointed. Altcoins have started to rise rapidly. If BTC remains strong, double-digit increases in altcoins wouldn’t be surprising.
