Healthy Bitcoin rally: What does a margin lending ratio drop mean for BTC price?
Will $30,000 BTC price hold? Bitcoin market structure remains bullish with another 10% gain on the table as sellers refrain from shorting. Bitcoin (BTC) price rallied over 10% between April 9 and April 14, marking the highest daily close in more than ten months. While some analysts may argue the move justifies a degree of decoupling from traditional markets, both the S&P 500 and gold are near their highest levels in over six months. Bitcoin price breaks $30,000 despite macro headwinds Bitcoin’s gains and rally above $30,000 also happened while the dollar strength index (DYX), which measures the U.S. currency against a basket of foreign exchanges, reached its lowest level in 12 months. The indicator fell to 100.8 on April 14 from 104.7 one month prior as investors price d in higher odds of further liquidity injections by the Federal Reserve. Related: Bitcoin price teases $30K breakdown ahead of US CPI, FOMC minutes The latest Federal Reserve’s monetary policy meeting minutes, re...