Led by Bitcoin, why is the crypto market up today?

📆 14/05/2024 00:24:00
📰 CryptoAmb

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Bitcoin sees an increase of 2% in twenty-four hours. Though it is a slight uptick, is it the start of a new rally?

Bitcoin bulls are facing the stress of pulling prices back to the immediate support level of $68,000.

Going by the negative pattern Jerome Powell has established this year, interest rate decisions have proven to be bullish for Bitcoin, seeing as rate cuts aren’t coming anytime soon. They view the low Bitcoin prices as a chance to buy more coins at a bargain, to then sell them when market excitement picks up.

Conversely, a clear support level is evident near the $60,000 level, below which, if Bitcoin falls, further corrections to $55k and beyond could be witnessed.

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