Experienced Analyst Reveals the Real Reason Behind Today's Bitcoin Price Surge!

In a new market analysis, 10x Research suggests that Bitcoin’s (BTC) recent rise towards $88,000 is due to the weakening US dollar and the parallel increase in gold prices.

The company also states that concerns among investors regarding the independence of the FED are an important factor.

Markus Thielen, the research director of 10x Research, pointed out the critical factors behind Bitcoin's upward momentum as the US dollar index falling by 0.7% against the Euro and gold rising by 2%. According to Thielen, "The sharp drop in the US dollar index and the 2% rise in gold seem to have played a role in Bitcoin's rise to $87,000; both were triggered by Trump's attempts to replace FED Chairman Powell."

While the markets are waiting for a potential US-Japan trade agreement, Thielen noted that the main catalyst is the "market's concerns about the independence of the FED."

From a technical perspective, Thielen observed that Bitcoin has "broken out of a descending trend channel that closely resembles the classic Falling Wedge formation." Thielen explained that this formation typically indicates a rise and generally signals a continuation or reversal in price direction. "The most important characteristic of this formation is the gradual decrease in volume along the wedge, followed by a sharp increase with the breakout, confirming the movement," he added.