As everyone is aware, bitcoin has suddenly broken back above $18,000.

Everyone is looking for a reason why this happened. Here are some of the arguments being put forward:

* The dollar is weakening and bitcoin trades inversely to the dollar. To support this theory, note that gold is also rising.

* Short-sellers are struggling to borrow the coins they need (to short bitcoin, they borrow coins, sell them, buy them back at a lower price, and repay the coins). People are no longer participating in "earn" programs, where they lend coins out and have been withdrawing coins from platforms instead. This makes it hard for short-sellers to obtain the coins they need for a short

* Bargain hunters have emerged, feeling bitcoin will never be this cheap. Those who think inflation is not going to go away are also buying BTC as a hedge.

* Finally, technical traders piled in as bitcoin hit a support line. See the following graph:

![](https://pbs.twimg.com/media/FmTyKUjXoAA63dw?format=png&name=large)
[source](https://twitter.com/AurelienOhayon/status/1613680859810349058/photo/1)