It has been a surprisingly good day for the Bitcoin (CRYPTO: BTC) price.
Earlier today, the cryptocurrency broke out of its narrow trading range and rose above the US$20,000 level after an almighty rebound. At the time of writing, the Bitcoin price is up 4.9% to US$20,121.
At one stage, it was up 6% to its highest level in over a week. And that was despite US stocks slumping to their lowest levels of 2022 on Wall Street overnight.
Though, it is worth noting that the world’s largest cryptocurrency is still trading in the range of US$18,000 and US$25,000 that it’s been stuck in since June.
What’s happening with the Bitcoin price?
One expert believes that traders have been scrambling to buy Bitcoin on the belief that it could have reached a bottom.
Vijay Ayyar, the vice president of corporate development and international at crypto exchange Luno, notes that Bitcoin and the US dollar have a tendency to move inversely. This means a strong greenback is negative for Bitcoin.
However, Ayyar told CNBC that he suspects the rampaging US dollar could be close to peaking, which “would mark a potential bottom for bitcoin.”
“Traders hence might also be positioning themselves accordingly,” Ayyar said.
This could make for some interesting trading sessions for the Bitcoin price in the coming days.
