Cooling Dollar Boosts Bitcoin: Will the Rally Continue? – 258

Why is bitcoin price up today this is an Opinion piece clearly from Kyle white Over at coin Telegraph it says bitcoin Price hits a year to date high as Investors excitement over BlackRock and Fidelity Investments applying for spot Bitcoin ETFs fuels dreams of a new bull Market now of course if we are going off The traditional having cycle for Bitcoin We aren't Expecting The Bull Run until After this having which happens in Pretty much 2024 let's go ahead and get That chart up real quick Countdown I believe let's see where it's at today At least according to nice hash we're Looking at April of 2024 and of course The peaks of the Bull Run happen about Six months after that I discussed this In more detail in my crypto mining E-course which you can purchase over at Son of a and help support me It's only 19.99 Shameless self-promotion So I just want to make it clear that Right now if you are expecting a bull Run it could happen but it would be Outside of the normal cycle for Bitcoin But a normal cycle hasn't necessarily Been established we've also talked about Other factors that are going to Influence what is the macro cycle or Referred to as the macro cycle when Bitcoin breaks out of the having cycle In this particular case what we're

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Looking for is the fees to start Matching the block reward a miner gets Paid out in fees and of course in the Block reward the block reward is the Coinbase or new coins coming into the The network and the fees are basically Payments that people are who are Transacting or paying on the network Some things that have thrown off these Calculations are ordinals for example Which are driving the fees up on the Bitcoin Network as those fees get closer And closer to the actual block reward I Would presume we are getting closer and Closer to breaking out of the Traditional having cycle that we've seen Over the past 12 years and start to see More of a macro cycle and a studying out Of the Bitcoin price however we are far Far far far from essentially the top or The leveled out price of Bitcoin at Least as I would see it now bitcoin Price is up today reaching a 2023 high Of 31 431 dollars actually today right Now as of recording it's at 30 438 dollars The fresh bitcoin price year to date High comes amid recent growing Institutional interest in Bitcoin from Companies like BlackRock and Fidelity Investments both of which filed for a Spot Bitcoin ETF within the past two Weeks the institutional interest seems To have negated the negative news of the

SEC cracking down on financing coinbase And bullish Traders continue to Overpower Bitcoin shorts now throw on That tinfoil hat and are these Institutions working with the SEC to Drive the price down to have a nice nice Entry point the other thing that we saw Was that huge Spike to 138 000 on so clearly U.S institutions Were making these investments into Bitcoin and it drove that price up Because of low liquidity which was Pretty insane obviously it came back Down and settled back around the 30 000 But if you did have buy orders you know At a hundred thousand dollars for Example on binance due dot us well Congratulations that's pretty amazing Today's sponsor is BT miners BT miners Has been a long time sponsor of the Channel and a proven reliable source for Asic miners if you're looking to Purchase Asics Hardware from Bitcoin to Dogecoin miners they are available for Purchase on BT miners is a trusted Source by both and follow the affiliate Link in the description and tell them so Sent you to support the channel now Let's get into more of this bitcoin Price started to Rally after BlackRock Filed for a spot Bitcoin ETF in the United States on June 15th while

BlackRock is not the first to apply with The SEC for a Bitcoin ETF they are the Largest of all current applicants To date the SEC has refused to approve Of spot beat Bitcoin ETF despite Numerous applicants including Kathy Woods Arc and 21 shares which has filed For approval three times another company That was denied a Bitcoin ETF is Grayscale after the rejection The Company took the SEC to the appeals Court to argue for the soundness of Bitcoin Futures BlackRock is the world's Largest asset manager with over 8.5 Trillion dollars in assets under Management The Firm will also utilize coinbase to Custody the Bitcoin in the trust According to the filing with the SEC the Application has also provided a boost to The grayscale ETF and the discount is Approaching 2023 highs under 35 percent Another Financial Services giant the Deutsche Bank applied for a digital Asset custody license in Germany in Addition to Valkyrie applying for a Bitcoin spot ETF and a Bitcoin miner ETF Liquidations could be sending Bitcoin Prices higher as well in early June of 2023 short sellers were liquidated at a Lower range than Longs the BlackRock ETF Filing announcement on June 15th has Shifted fortunes away from short sellers With over 220 million in shorts

Liquidated since that date in the past 24 hours alone over 31 million Bitcoin Shorts have been liquidated despite the Short seller losing streak it seems that This investor group is doubling down on June 23rd 53 percent of options were Skewed short which could potentially Create an opportunity for a short Squeeze and a greater bitcoin price Upside The cooling US dollar Index could be Good for bitcoin price as well another Positive sign for Bitcoin is the cooling US dollar Index historically when the Dxy index retracts sentiment for risk Asset like Bitcoin increases since Interest rates were paused by the Federal Reserve last week some Market Participants think that the US economy May grow and that the dollar could Continue to cool if this happens Bitcoin Could continue to Rally alongside Equities markets the better the macro Climate the better for bitcoin price Typically there is a close correlation Between Bitcoin and Equity indices like The S P 500 after interest rates Increases were paused by the Federal Reserve on June 14th Equity saw a large Bounce while bitcoin price retracted now It seems like the current bitcoin rally Is allowing the Bitcoin price to catch Up some Market participants think that The US economy May grow and that the

Dollar could continue to cool if this Happens Bitcoin can continue to Rally Alongside equities markets while bitcoin Price is showing some bullish momentum In the short term after the BlackRock News and cooling dollar the Bitcoin fear And greed index has reached a Three-month high and that is actually Pretty incredible because right now what We're seeing is a rally that is kind of Out of the norm for a traditional having Cycle I would say but in addition to That is also very promising coming right Ahead of this having that's going to be Popping off in April I mean we are less Than a year away from the next Bull Run Cycle if the if this plays out like it Has for the past 12 years so I mean me Personally going to be getting into Trying to stack those Bitcoin miners as Quickly as possible that sort of thing Get ready get in a good position to be Able to mine and with the electricity Costs on the state side coming down even More as a minor this is becoming Extremely enticing thanks for checking Out this clip from the crypto mining Show you can check out the full episode Here or more crypto content down here Also I'd like you to check out my locals Page at son of a where You can become a member for free or Choose to be a five dollar a month Supporter that unlocks additional


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