Bitcoin Rises Above $29,000, Stocks Down

Bitcoin has risen above $29,000, up by about $700 for the day or close to 4%, while the dollar strength index (DXY) also gained 0.5%.

Stocks are down in contrast by 0.4%, while oil is also down 1%, and bond yields have gained 0.02%.

Many of these assets usually inversely correlate, like DXY and stocks/crypto, or correlate like DXY and oil, but not for today.

Bitcoin also has moved in tandem with Nasdaq for much of the bear, but clearly no more as stocks have been down for much of the day while bitcoin moves up.

The decoupling between bitcoin and stocks has been ongoing since March 12th when three US banks collapsed, bringing some attention to crypto as a value store outside of the banking system.

Since then, bitcoin has moved on its own trajectory and in parts not for any specific reason.

There is for example no particular news for today’s move as far as we are aware, and though that may change, it might also be that bitcoin dynamics have changed.

After reaching the bottom in November 2022, there might now simply be less sellers than buyers, putting upwards pressure on price.

Ethereum in addition has a big upgrade coming this Wednesday that for the first time will have a major and credible crypto offer yield without a catch.

The catch until now has been that the eth had to be locked for an indeterminate time. With the unlock upgrade, they can be withdrawn at any time.

This might have medium and long term effects on crypto demand, yet eth’s ratio against bitcoin is a bit down so bitcoin is leading this move.

That’s probably because bitcoin is testing to change sentiment towards more excitement, toying with traders as it sideways for nearly a month now while trying higher prices.

It reaching $29,300 today makes it only $100 up from the brief peak last week, but also makes it a new high since June.

So the bull remains timid, and yet that it moves timidly has some crypto corners quietly excited as they wonder is the bull really coming?

Such gains therefore, little as they may have seemed during the last bull or for much of the bear, now speak not to the move itself but to what the move suggests.

Some traders for example claim there has been a breakout to the upside which is ‘disgustingly bullish.’

Well, we wouldn’t cosplay exuberance at this point as a hyper bull anytime soon doesn’t seem very likely, yet amid disbelief and denial, bitcoin is moving.

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• Source: https://www.trustnodes.com/2023/04/10/bitcoin-rises-above-29000-stocks-down