Bitcoin Moves as Stocks Rise – Trustnodes

Bitcoin has once again risen above $30,000 after re-testing the $28,000 support level with it seemingly re-coupling to stocks.

Nasdaq has shot up another 3.3% today while S&P has gained 2.5% on inflation easing and the dollar weakening.

The dollar strength index, DXY, has dropped to 101.2 from above 104 on part because the European Central Bank is to increase interest rates too in July.

In part it might be because gas is falling, down to $8.7 from above $9.3, but oil keeps rising with Brent Crude crossing $120.

On inflation, suggestions it had peaked is now being corroborated by data as core inflation in April fell to 4.9% from 5.3% in March and to just 0.3% month over month.

That’s increasing speculation Fed might go slower on interest rate rises, with inflation relief stimulus checks further adding to what might be a change in market sentiment.

In addition, bitcoin and stocks have just fallen too much so a bounce was to be expected, with it unclear whether this is just the start of a new trend, or a relief rally.

Ethereum is also seeing its ratio somewhat recover after a plunge last week to 0.062 bitcoin, with its dollar price still below $2,000, albeit 10% up from $1,700.

So the crash at least for now is giving way to the acclimatization where what previously were terrible levels are now new gains.

Naturally it also gives rise to speculation of whether it wouldn’t be funny for this to now head to a new all time high, or whether a further -50% crash should be expected instead.

Something no one can quite predict but at least for now the worst seems to be clearing with all the narratives that came with it also potentially opening way for new narratives.