Bitcoin trades at a 1-year high, having broken out of a consolidation in a bullish flag pattern. Despite the US dollar strengthening against other fiat currencies, Bitcoin remains above $30k.
What’s driving this rally? One possibility is news that BlackRock, a leading investment company, has submitted an application for a spot Bitcoin ETF. Additionally, investors may have greater trust in the industry following the SEC’s lawsuits.
Regardless of the cause, Bitcoin is trading above $30k despite the dollar’s strength. If the divergence continues, Bitcoin may continue to rise.
On the other hand, the crypto market may react negatively to the outcome of the Binance and Coinbase verdicts.
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