Bitcoin saw considerable volatility between April 25 and May 1, ranging between $27,200 and $30,000. From a trading perspective, the 10.5% move sounds alarming, resulting in $340 million in leveraged BTC futures contract liquidations.
However, from a broader angle, the Bitcoin BTC price is up 72% year-to-date in 2023, while the S&P 500 stock market index accumulated 9% gains.
BTC price climbs on weaker U.S. dollar, banking crisis
Bitcoin’s bull run happened while the dollar strength index, which measures the U.S. currency against a basket of foreign exchanges, was nearing its lowest level in 12 months.