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Author Topic: Why is bitcoin going up today?  (Read 581 times)

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Why is bitcoin going up today?
« on: February 08, 2023, 06:45:41 AM »
Despite having had a fantastic start to the year, Bitcoin has been in a downward trend from the start of the second week of February, which was accelerated by a speech by Federal Reserve Chair Jerome Powell. A lot of specialists have predicted that Bitcoin will once more drop to $20,000 in price. However, as of the time of writing, the royal currency has made a U-turn and is once again going upward.

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Jerome Powell is expected to continue interest rate hike to curb the inflation rate

While retailers wait for Powell's speech, Coinbase Global ($COIN) stock has dropped by 4.50%, indicating that the cryptocurrency market is about to enter a bearish phase, but we saw a reverse effect and bitcoin in fact surged from price  $22,900 to  $23,240. To maintain the uptrend, a sharp reversal below the psychological $25,000 level is necessary. If the price of Bitcoin holds steady for a longer period of time, it may rise above $30,000. According a recent publication from coinpedia, A steady rise in volumes could push the bitcoin price prediction for 2023 to $43,959.19.

 

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