The surge in Bitcoin prices mainly occurs during US hours!

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Bitcoin is holding firmly to its $23,000 range and leading the crypto bull market. The flagship currency which hit the $15,000 zone after the collapse of FTX, now maintains its $23,000 range and is striving to break above this level.

As of this writing, Bitcoin is selling at $23,012 with a gain of 0.16% in the last 24 hours.

As Bitcoin tries to head towards its next target, industry experts are speculating that a correction is coming. Among them is Michael van de Poppe who claims that traders no longer show interest in going long for Bitcoin. Indeed, he believes BTC will face rejection at $23,600. He is of the opinion that BTC will face lower price levels in the coming days.

#Bitcoin breaks up and tests this level at $23.6,000, only to reject it immediately.

The question today will be whether GDP will again push prices to new highs or if we will drop below $22.9000, which signifies lower prices ahead.

Not very interested in longs here. pic.twitter.com/TmBSGKpMSz

— Michal van de Poppe (@CryptoMichNL) January 26, 2023 US Investors Drive Bitcoin Price Rise

When we look at the reasons behind the current rise in the crypto market, the majority of the complaints will be about the upcoming CPI report and lower inflation rate. However, Matrixport, a crypto service platform, claims that the recent Bitcoin price rally is being led by US institutional investors. According to the report, since the start of 2023, Bitcoin has gained over 40% and of that 35% of the gain has taken place during US trading hours. Therefore, the platform claims that the majority of the bull run is due to US investors.

Furthermore, the report clarifies that if an asset, especially one that trades for 24 hours, sees a massive gain during US hours, it simply means that institutional investors are the ones buying. On the other hand if the gain is during Asian hours, it means that it is the Asian investors who are making the purchase.

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