Here's why April may be the best month yet for Bitcoin price
U.S. dollar weakness is painting a bullish short term outlook for Bitcoin in April. The U.S. dollar is starting to weaken once again as sellers are pushing the U.S. Dollar Index (DXY) downward, which could strengthen the momentum of Bitcoin (BTC) in the near term.Alternative assets like Bitcoin and gold are priced against the dollar. Hence, when the DXY starts to drop, it often causes BTC to rally against the dollar.BTC/USD (orange) vs. DXY (green). Source: TradingviewDollar's share of global reserves is dropping fastAccording to Holger Zschaepitz, a market analyst at Welt, the U.S.....
Related News
The XRP price saw a rise in value over the weekend as bulls seemed to return to the table. Since the market has been low over the past few months, investors unsurprisingly took this as an opportunity to get out at a somewhat higher price. This has led to more negative networks over the last few days, adding even more red to the month of April that has been dominated by outflows. XRP’s April Outflows Cross $300 Million According to data from Coinglass, XRP has been struggling with negative net flows for the better part of April, recording more red days than green. Even the green days have....
Bitcoin’s decline in the last week of April has been felt around the market but altcoins have taken the biggest hit of all. More specifically, Small Cap altcoins have been on the receiving end of this decline. Even as the end of the month draws to a close, these altcoins have yet to get a reprieve from this decline. However, the month of May could prove to be better for these small market cap coins given that recoveries tend to come after the worst declines. Small Cap Altcoins Take The Heat All of the indexes have had a bad month in April but the Small Cap Index has suffered the most of....
Bitcoin price has made gains over the past few days to set a new 3-month high of $443.69 today. The Bitstamp Price Index struck $440 at 16:00 yesterday, April 20 and has remained to hover over the figure ever since. At the time of publishing, the price of bitcoin was trading at $444. The figure represents the first time Bitcoin price has scaled beyond $440, with January 11 being the last time the cryptocurrency traded at the ceiling. Initial signs of a swell came to the fore first on April 19, when the price spiked from $430 at 20:30 to $434.55 in under 90 minutes. On April 20, yesterday,....
Bitcoin ETPs have been experiencing some immense outflows. These have not come as a surprise though given that the price of the digital asset had crumbled last week. It has followed the price of bitcoin falling below $40,000 once again, leading to bearish sentiment among investors. This in turn has put immense selling pressures on other investors who have gained exposure to the market using trading investment vehicles such as ETPs. Outflows Rock Bitcoin ETPs Before this month, Bitcoin ETPs had enjoyed a prosperous month of inflows as faith was renewed in the digital asset following its....
Bitcoin and the whole crypto market turned green at the close of April. The run-up to this month’s $4.2 billion options expiry was uneventful, with no signs of dissent. After a brief fall below the $53,000 support level on April 29, Bitcoin rallied 10% by midday to reclaim its previous high of $57,400. Related article | […]