U.Today - Major crypto analyst and trader Michael van de Poppe took to X app (previously called Twitter) to share with his followers a long read with his thoughts on what has been since yesterday.
He believes that the BTC correction might be over now if Bitcoin manages to hold above $27,000.
"Bitcoin's broken out of the tiny range and needs to stay above it"
The breakout took place on Tuesday after the court decision in the case of Grayscale against the SEC related to the conversion of its Bitcoin Trust into a BTC ETF was announced — Grayscale beat the regulator. This does not mean, however, the emergence of the spot Bitcoin ETF.
Still, it was one of the major drivers that pushed the Bitcoin price up yesterday. According to Poppe, there are some other important factors that have been fueling the current rise of Bitcoin.
Here's what's also pushing Bitcoin up
Aside from that, Bitcoin benefited from the employment report coming in "with a massive miss on the downside" and the consumer confidence index staying at the lowest level in a while compared to its numbers during a recession.
As a reaction to these factors, the U.S. dollar dropped, yields went down slightly, and gold and silver prices went up.
Earlier, Poppe tweeted that gold and Bitcoin are currently moving alongside each other. He believes that should the gold price begin to move upward, Bitcoin may go level with it and then outperform it.