Bitcoin is up today, but why? Luckily, we have lots of answers for you.
) briefly registered green candles after jobs announcement. There are several reasons for the recent movement.The current rally in BTC and altcoins could indicate an increase in confidence in the market following several key developments.
Many traders agree that if the Fed were to pivot on its current policy of quantitative tightening and interest rate hikes, BTC price could surge to the upside and liquidate a significant portion of the short interest in futures contracts. The S&P 500 provides a general overview for the economy in general. Currently, Bitcoin and the S&P 500 share a high correlation coefficient.Therefore if interest rates ease and the economy grows, Bitcoin could reverse course if a similar turn-around were to take place in equities markets. The better the macro climate, the better for Bitcoin price.
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