{"id":95804,"date":"2023-02-16T08:33:09","date_gmt":"2023-02-16T08:33:09","guid":{"rendered":"https:\/\/dripp.zone\/news\/index.php\/2023\/02\/16\/reasons-behind-bitcoin-12-and-ethereum-price-10-rally-today-crypto-news\/"},"modified":"2023-02-16T08:33:10","modified_gmt":"2023-02-16T08:33:10","slug":"reasons-behind-bitcoin-12-and-ethereum-price-10-rally-today-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/reasons-behind-bitcoin-12-and-ethereum-price-10-rally-today-crypto-news\/","title":{"rendered":"Reasons Behind Bitcoin 12% And Ethereum Price 10% Rally Today\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><iframe loading=\"lazy\" src=\"https:\/\/coingape.com\/reasons-behind-bitcoin-ethereum-price-rally\/about:blank\" width=\"320\" height=\"100\" marginwidth=\"0\" marginheight=\"0\" hspace=\"0\" vspace=\"0\" frameborder=\"0\" scrolling=\"no\" data-rocket-lazyload=\"fitvidscompatible\" data-lazy-src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=180936;size=320x100;setID=508113;type=iframe;click=CLICK_MACRO_PLACEHOLDER\"><br \/>\n<\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=180936;size=320x100;setID=508113;type=iframe;click=CLICK_MACRO_PLACEHOLDER\" width=\"320\" height=\"100\" marginwidth=\"0\" marginheight=\"0\" hspace=\"0\" vspace=\"0\" frameborder=\"0\" scrolling=\"no\"><br \/>\n<\/iframe><\/noscript>\n<\/p>\n<p>Bitcoin price regains momentum toward $25K as investors \u201cbuy the dip\u201d despite regulatory uncertainty in the US The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/bitcoin\">btc price<\/a> rallied 12% in the last 24 hours to hit a 6-month high of $24,769.  The price continues to trade near the $24.7K level, trying to break above the $25K psychological level.<\/p>\n<p>Meanwhile, Ethereum price also soared by 10% in the last 24 hours, with the price currently trading at $1,694.  The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/ethereum\">eth price<\/a> hit a high of $1,700.  Other top altcoins such as BNB, Polygon (MATIC), Solana, and XRP also rallied higher, bringing a rebound in the broader crypto market.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-price-likely-to-hit-25k-after-us-cpi-data\/\">CoinGape first predicted<\/a> the massive upside move to $25K, when the BTC price was trading at $21.7K.  Tremendous <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/whale-accumulation\/\">whale<\/a> Activity, cooling inflation, and falling US Treasury yields and oil prices are the main reasons behind the sudden upside momentum in the Bitcoin price.<\/p>\n<p>Furthermore, optimism among investors in derivatives markets regarding Bitcoin and Ethereum indicates the building of long positions.  Although, there&#8217;s some evidence of profit-taking by traders as Bitcoin and Ethereum prices move up.  Regardless, the sentiment remains bullish.<\/p>\n<p>Meanwhile, the demand for Bitcoin is increasing in the US as the 30-day SMA Bitcoin Coinbase premium index jumps the highest in the last few days.  There&#8217;s also a significant increase in the ETH Coinbase premium.  These are the largest price premiums seen since August 2022.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<figure id=\"attachment_139177\" aria-describedby=\"caption-attachment-139177\" style=\"width: 757px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-139177\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/02\/16124448\/JSKaNCFR.webp\" alt=\"bitcoin price\" width=\"757\" height=\"462\"\/><\/noscript><figcaption id=\"caption-attachment-139177\" class=\"wp-caption-text dfdfdf1\">Coinbase premium index.  Source: CryptoQuant<\/figcaption><\/figure>\n<p>Furthermore, the MVRV ratio for Bitcoin is 1.2 and indicates an opportunity to buy at a low level.  Generally, an MVRV below 1 indicates the bottom level to buy for the long term.<\/p>\n<p><strong>Also Read: <\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/is-this-the-best-time-to-invest-or-buy-bitcoin-heres-what-analysts-predict\/\">Best Time To Invest Or Buy Bitcoin?  Here&#8217;s What Analysts Predict<\/a><\/p>\n<h2>Crypto Analysts&#8217; Prediction On Bitcoin Price<\/h2>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<p>Popular analyst Michael van de Poppe earlier suggested $21K is the best level to buy the dip for long term, reducing the overall risks of short term investments.  In the latest updates, he said $25K is a strong resistance level for Bitcoin price and traders need to keep an eye on pullbacks.<\/p>\n<p>Popular Trader Skew <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/52kskew\/status\/1626067111784378368\">shared<\/a> that Coinbase and Binance spot have quite a bit of supply, with asking price between $24.9K-$25K area.  He warns traders to watch sell pressure and stalling momentum, which can begin a retracement move.<\/p>\n<p><strong>Also Read: <\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-btc-jumps-12-hitting-a-6-month-high-is-this-a-dead-cat-bounce\/\">Bitcoin (BTC) Jumps 12% Hitting A 6-Month High, Is This A Dead Cat Bounce?<\/a><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA139142\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker.  Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things.  He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD139142\">\n<p>    The content presented may include the personal opinion of the author and is subject to market condition.  Do your market research before investing in cryptocurrencies.  The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price regains momentum toward $25K as investors \u201cbuy the dip\u201d despite regulatory uncertainty in the US The btc price rallied 12% in the last 24 hours to hit a 6-month high of $24,769. The price continues to trade near the $24.7K level, trying to break above the $25K psychological level. Meanwhile, Ethereum price also [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-95804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/95804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=95804"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/95804\/revisions"}],"predecessor-version":[{"id":95805,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/95804\/revisions\/95805"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/5426"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=95804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=95804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=95804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}