Bitcoin prices rally 80% so far in 2023. What's the trigger and will it sustain?

economictimes.indiatimes.com:

Bitcoin has been on an upward trajectory since the beginning of 2023 and breached the key $30,000 level for the first time in 10 months on Tuesday amid the expectation that Fed will pause interest rate hikes. On January 1st, Bitcoin began trading at roughly $16,500. As of 11th April, the asset has been trading above the $30,000 mark which is close to an 80% gain since January 2023. This is the first time since June 2022, that Bitcoin has reached this level. «The resolute demonstrated by Bitcoin in the past three months emphasizes the optimistic investor sentiment towards the leading cryptocurrency. It also indicates how investors have come to view Bitcoin as a viable alternative in the current climate. This bull run further underscores the faith investors have in the resilience of global macroeconomics, particularly that of the United States,» Gaurav Dahake, Founder & CEO of BNS, said. Bitcoin peaked at $30,438 in Asian trade and was last 6% higher at $30,133. It has gained about 7% since the start of the month, after rising 23% in March.

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The token's surge follows Friday's closely-watched US nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy. If the asset sustains above the key psychological resistance level of $30,000 we might see the price rise further, Rahul Pagidipati, CEO of ZebPay, said. «This week’s US Consumer Price