![[시황] Background of Bitcoin rising for 7 consecutive days](http://www.coindeskkorea.com/news/photo/202103/73015_10818_4455.png "[시황] Background of Bitcoin rising for 7 consecutive days")
■ As of 10 a.m. today, Bitcoin (BTC) was traded for about $5,7333 each. This is an increase of about 3.14% in 24 hours.
■ Over the course of 24 hours, the price of Bitcoin has been in the range of $54,323 to $57,632.
■ Looking at the price chart, the Bitcoin price exceeded the 10-hour and 50-hour moving averages. According to technical analysis, this is a bullish signal.
The bitcoin market has turned strong again, but there is no sign of an increase in trading volume.
Bitcoin continued to rise for 7 days in a row. Yesterday’s rise can be interpreted as a big impact on the US stock market hitting a record high, driven by investors’ new desire to take risks in traditional financial markets. The rise in the financial market as a whole seems to have been a catalyst by a report released by the US government on the 10th. The report noted, “Last month inflation rates were slower than expected, which alleviated investors’ concerns that a surge in consumer demand due to an economic reheat could drive prices up.”
LMAX Digital’s Joel Kruger cryptocurrency strategist said, “The so-called’risk sentiment’ in financial markets around the world has been further calmed down by the inflation report released by the US government. This has helped increase the bitcoin price.”
However, it should be noted that even while the price is rising, Spot market trading is not activeto be. The trading volume of the eight major exchanges included in CoinDesk 20 has remained almost unchanged over the past two weeks.
“Since it fell below $44,000 last month, there aren’t many sellers now. However, even though the number of purchases is not large, there is a steady number of buyers. As a result, this will lead to upward pressure.” -Joel Kruger, LMAX Digital Cryptocurrency Strategist
However, Kruger warned that tensions should not be slowed until the results of the US Federal Reserve (Fed) meeting scheduled for next week. At the meeting, hosted by Fed Chairman Jerome Powell, US central bank officials are expected to set the direction of future monetary policy.
In the digital asset market, bitcoin is classified as a risky asset as well as a hedge against inflation. But last week, bitcoin prices continued to rise regardless of fluctuations in the US stock market.
“Bitcoin will be very sensitive to the stock market decline for the time being,” Kruger said. “It is a mature asset and still an emerging asset. This shows that Bitcoin and stocks are still highly correlated in terms of risk.”
Reduced Bitcoin-Ether correlation
Ether (ETH) traded at around $1816 each as of 10 a.m. today, up 1.94% in 24 hours.
The correlation between Bitcoin and Ether has increased for about two weeks since the 21st of last month, and then is showing a downward trend again. In addition, it showed a decrease compared to a year ago. The correlation between the two, which recorded 0.94 in the same period last year, has decreased to 0.74 now.
“The share of bitcoin in the entire cryptocurrency market has risen over the past few days, but the dominance index is 62.3%, down from 72% in January,” said Evreno, the head of cryptocurrency payment platform Wirex. Coin investors are making profits, and institutional cash flows mainly into bitcoin.”
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