Bitcoin Price Pumps as BOE Announces Quantitative Easing, DXY Drops
In breaking news today, the Bank of England stated QE will be on 'whatever scale is necessary' and the Bitcoin price has now recovered above $19,500, up 3% in the past 24 hours.
It may be too early to call an end to the 2022 bear market, dubbed in media the 'crypto winter'.
Many market commentators are now beginning to accumulate Bitcoin however. Earlier today Bitcoin Archive (@btc_archive) tweeted to his 1.1 million followers to 'buy Bitcoin' after the BOE quantitative easing news broke.
Crypto trader Michaël van de Poppe (@CryptoMichNL) is expecting the Bitcoin price to retest $20.7 and $22.5k if $19.3k can be flipped to support. At the time of writing Bitcoin has hit an intraday high of $19,650, now consolidating around the highs.
The SPX is also bouncing, as the DXY saw its first significant sell off in some time today.
One of the most widely followed crypto Twitter accounts, Pentoshi (@Pentosh1) tweeted to his 613,000 followers that he is buying Bitcoin at these levels.
Ive been buying here as stated. Macro doom from 64k to 19.3k. Flipped to neutral with a short-mid term bullish bias now as things break, and max velocity reached imo on terminal rates.
Bitcoin may be the best cryptocurrency to hold currently. Altcoin Sherpa (@AltcoinSherpa) tweeted:
'Altcoins not really catching bids right now, too much uncertainty in the market. Once $BTC finds some sort of trend/stability, we should see more clarity on alts.'
If Bitcoin can break out above $20,000 and start a new uptrend, new cryptocurrency Tamadoge (TAMA) may be one option.
TAMA listed on OKX exchange yesterday, its initial exchange offering, and pumped approximately 90% on launch, followed by a retracement.
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