The price of bitcoin is up sharply today on a weaker US dollar. At the time of writing, BTC is up more than 9%. And it’s currently trading just below $10,900.
Despite the recent rise, today’s top of $10,968 is still 21% off 2019’s high price. It is also almost 45% below the record high of nearly $20,000 set back in 2017. This is the biggest single-day price move since early May. It also breaks the largely range-bound moves since early June 2020. The current price is now firmly above the 50 EMA.
It is unclear if the fall of the USD is the sole impetus for bitcoin’s rise. However, the timing isn’t a coincidence. The dollar is showing additional signs of weakness. And the US economy is bracing for additional hits due to the coronavirus. Which means BTC may have more room to rise. It’s unlikely that bitcoin reaches the tantalizing $20,000 mark this year.