The price of Bitcoin is showing strong movement again in Tuesday morning trading (17/03).

BTC recorded an increase of around 4.03% in the last 24 hours and successfully touched the level of US$76,000, indicating increasing interest from investors in risky assets.

This increase was triggered by a shift in global sentiment after geopolitical tensions in the Middle East began to ease.

Concerns regarding global oil shipping routes in the Strait of Hormuz have decreased, leading to weaker energy prices and more stable financial markets.

In addition to geopolitical factors, the surge in Bitcoin was also driven by a short squeeze phenomenon in the derivatives market. Many traders who had previously opened short positions were forced to close their positions when prices began to rise, thus accelerating the price increase.

Technically, Bitcoin also managed to break through the 50-day moving average around US$70,000, which had previously been an important resistance level.

Interestingly, analysts note that Bitcoin now has a correlation of around 53% with the US stock index, namely the S&P 500. This indicates that the movement $BTC is becoming increasingly sensitive to global economic conditions.

Additionally, investors are also waiting for the interest rate decision from the Federal Reserve scheduled for March 18, which could potentially be a major catalyst for the crypto market.

The question now is:

Will Bitcoin continue its rally towards higher levels?

Write your opinion in the comments section 👇

Disclaimer: This post is for educational purposes only, not an invitation to buy or sell investment assets.