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Bitcoin (BTC) Price News: That the crypto market is currently experiencing a relief rally might perhaps be an understatement. The much sought after price hike is proving to be a lifeline for a huge proportion of small traders and retailers. In the last six to eight months, crypto market went through huge uncertainties, so much so that the percentage of traders who held assets in unrealized losses was one of the highest in the past five years. However, with the US economy pricing in a possible economic downturn, withdrawal symptoms could appear somewhat later in 2023.

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Meanwhile, the US Dollar Index (DXY), which shares an inverse relationship with Bitcoin price, reflects the broader market outlook in the macroeconomic scenario. Over the past month, the dollar index decrease in value of 2.25%.

More Bitcoin (BTC) price rise to follow?

The latest pump leads to increased capital flows into the crypto market. In the past 24 hours, the stablecoin the influx of volume has increased significantly, which could be a sign of buying interest in bitcoin and altcoins.

Trading near the $23,000 cap, the price of BTC is currently at its highest since mid-August 2022. Against the backdrop of a record crypto bull run in 2021, the Terra Network the collapse marked the start of a gradual price collapse for all cryptocurrencies. However, crypto traders seem to have factored in the adversities of 2022 before starting the current year anew. True to the reputation of being strange in many ways, the current market cycle has also wiped out traditional downside occasions like the Chinese New Year.

Ahead of the 2023 Chinese New Year, the price of BTC rose by around 2%, taking the price to a six-month high. Traditionally, the Chinese holiday mostly meant a Bitcoin (BTC) price drop. Thanks to the sideways movement that BTC has been following over the weekend, the major cryptocurrency is currently priced at 22,820, up around 0.50% in the last 24 hours.

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Anvesh reports major developments regarding crypto adoption and trading opportunities. Associated with the industry since 2016, he is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and contact him at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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