bitcoin price It’s up a remarkable 10% in just one week, fueling renewed optimism and speculation that a new bull market may be on the horizon. Bitcoin has been rising in value over the past few days and has seen a remarkable increase of over 80% in value since the beginning of the year.
Meanwhile, the second-largest cryptocurrency, Ethereum (ETH), experienced an increase in its value, rising above $2,100 for the first time in nearly a year, mainly after upgrading to the proof-of-stake network in Shanghai.
The uptick can be attributed to the growing likelihood of a less aggressive Fed stance. It is worth noting that federal Reserve It is likely to stop raising interest rates to control inflation, and the decision was driven primarily by concerns about the US economy, which is facing credit risks and fears of a recession.
Therefore, the Fed is expected to be less aggressive in its upcoming policy rates, which was seen as one of the key factors in bitcoin’s upward rally.
Furthermore, the ongoing volatility in the US banking sector has further fueled the rise in bitcoin price, which has highlighted the importance of decentralized finance, where people can take control of their own money without involving banks.
Therefore, more investors would probably choose bitcoin as it operates outside the traditional banking system.
shanghai upgrade
As previously stated, Ethereum has gained more than 10% in value, reaching its highest level since May 2022. Meanwhile, bitcoin has gained more than 3% and is on course to end the week on a positive note.
this is due to recent shanghai upgrade, which allowed withdrawals to Ethereum after a two-year lock-up period. This has sparked optimism among investors, which is seen as another major factor that has contributed to the rise in bitcoin’s value.
It is worth noting that the Ethereum Shanghai hard fork, also known as the Shepela upgrade, is part of an ongoing effort to make the Ethereum network more energy-efficient. This moves the network from a proof-of-work consensus mechanism to a proof-of-stake mechanism, which uses less energy.
Crypto Market Soars: Bitcoin Surge, Inflation Data Fuels Growth
The global cryptocurrency market is on the upswing and is expected to witness an uptrend towards the end of the week. This was evident in the continued growth of leading cryptocurrencies Bitcoin, which reached a level of around $30,856, and Ethereum, which gained more than 10%.
At the time of writing, the global crypto market cap was $1.28 trillion, representing a 4% increase in 24 hours.
On the data front, US Consumer Price Index Inflation across all items at the end of March 2023 was 5%. This is the lowest since May 2021 and is marginally better than market expectation.
However, it is still higher than the target levels set by the US Federal Reserve. The news has had a positive effect on the markets, including bitcoin, which is known for its ability to act as a hedge against inflation.
With inflation appearing to be a bit more under control, investors may feel more confident investing in bitcoin as a way to protect their assets.
bitcoin price
During the US trading session, bitcoin price It experienced a minor bearish correction, dropping from $31,000 to $30,200. On the 2-hours chart, the BTC/USD pair completed a 61.8% Fibonacci retracement level at $30,225. If the candlesticks close above this level, it could potentially propel bitcoin price towards the immediate resistance levels of $30,500 or $30,900.
On the same 2-hours chart, BTC/USD has an immediate support at $30,225, and a break below this level could lead to further losses towards $29,990 or $29,750.
Both the RSI and MACD indicators are entering the sell zone, but the 61.8% Fib retracement level could trigger buying activity above the $30,200 mark.
Top 15 Cryptocurrencies to Watch in 2023
To stay up to date with the latest ICO projects and altcoins, it is recommended to consult this expert-curated list of the Top 15 Cryptocurrencies to Watch in 2023 frequently.
By doing so, you will be better informed about the emerging trends and opportunities in the crypto market.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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