Why The Bitcoin Price Could Be Building An Uptrend

The Bitcoin price is steadily trading above critical support levels and might extend its bullish trend in the coming days. The cryptocurrency positively reacted to the current macroeconomic conditions despite the U.S. Federal Reserve (Fed) promising to keep hiking interest rates. Related Reading: Holding FTT And BNB? It Might Be Time For You To Get Out At the time of writing, the Bitcoin price trades at $20,700 with a 3% loss over today’s trading session and sideways movement over the previous week. This period has been profitable for digital assets against traditional assets, such as equities, for the first time. Reasons Why The Bitcoin Price Will Stay Bullish Investment firm Cumberland believes the Bitcoin price is building the foundation for a more significant uptrend. The firm claims this bullish price action will be supported by macroeconomic factors and a “growing drumbeat of progress in digital asset adoption.” Cumberland believes the U.S. dollar, as measured by the DXY Index, shows weakness on the first of these factors. The currency has been rallying over the past months. This bullish price action negatively impacted the Bitcoin price and the value of other assets, including equities and gold. A crash in the DXY Index will provide Bitcoin with some room to run into Q4 2022. Over the past two years, the cryptocurrency saw a new all-time high in November and December. This period stands as one of the m...