#TradeNTell Why is Bitcoin Price Up Today? Here Are the Major Fueling Factors

After opening the week on a positive note on Monday, the crypto market continued with a bullish outlook during the early Asian session led by Bitcoin (BTC) on Tuesday. The sudden price uptick caught a majority of short traders by surprise, with more than $77 million liquidated from short traders in the past 24 hours.

Having established that the crypto market experiences heightened volatility amid the Federal Reserve monetary policy statements, Bitcoin and Ethereum led the industry in increased bullish volume. Notably, the United Fed will release the interest rate statement on Wednesday, with economists forecasting a hold.

According to on-chain data analysis provided by market intelligence platform Santiment, the supply of Bitcoin and Ethereum on centralized exchanges has declined since the approval of spot Bitcoin ETFs in the United States. Additionally, the firm highlighted that the supply of stablecoins led by Tether USDT has increased, thus implying higher buying power.#TradeNTell #TrendingTopic #BTC #ETH: $BTC $ETH $BNB