value of Bitcoin has gained 7%, leading to speculation that a new bull market may be about to begin. This recent increase has caught the attention of investors, who are closely watching the cryptocurrency market for any signs of a continued upward trend.
Several factors are contributing to the current bitcoin price movement, including increased institutional adoption, regulatory clarity, and a growing global economy.
In this article, we will delve into the details of this recent price increase and examine whether this is a sign of a new bull run or just a short-term uptick.
Global banking crisis worries financial markets
Global financial markets continue to experience turmoil credit Suisse disclosed substantial weaknesses in its financial position. In addition, the Saudi National Bank announced its reluctance to provide additional capital to stabilize the beleaguered Swiss institution.
in an effort to allay growing concerns over credit Suisse liquidity, the Swiss National Bank intervened late Wednesday, allowing Credit Suisse to borrow up to $54 billion.
Amidst the ongoing banking crisis, investors have appreciated the incredible performance of the cryptocurrency market. This flexibility, combined with the minimal correlation of stocks to bitcoin in recent months, has changed the perception of bitcoin as a viable alternative asset.
As the week saw significant gains in cryptocurrency prices, the BTC/USD price rallied in response to investors assessing weaknesses in the US and European financial structures.
Uncertainty Over Fed Rate Hike Increases Volatility in Bitcoin Market
Investors are anticipating that the Federal Reserve may cut it 50 basis point rate An increase to strengthen its defenses against the incredible inflation within the United States.
US data unveiled on Wednesday showed a decline in producer inflation and a slowdown in the retail sector sales figuresThis increased the expectation that the Federal Reserve may implement a modest increase in interest rates during its meeting.
In addition, emerging concerns of a global financial meltdown have contributed to the discourse of reducing inflation, thus making the Fed less likely to hike interest rates by 50 basis points.
Reuters also revealed that during its meeting on March 22, the FOMC may choose to increase the federal funds rate by only 25 basis points.
In early March, US consumer sentiment experienced a decline, with the University of Michigan’s (UoM) consumer confidence index falling to 63.4 from 67 in February. This result was more unfavorable than the anticipated market forecast of 67.
As a result, the dollar index fell to 104.06 and could continue in its downtrend due to growing uncertainty around the Fed’s interest rate decision. This weakening of the US Dollar proved beneficial for the BTC/USD pair.
bitcoin price
The current live price of Bitcoin is $26,604 with a 24-hour trading volume of $42.8 Billion. In the last 24 hours, the value of bitcoin has increased by 7%. Currently, Bitcoin holds the #1 position on CoinMarketCap, boasting a vibrant market capitalization of $513 billion.
Bitcoin may face an immediate hurdle near the $26,650 level, which may limit its upside momentum. A break above this resistance could provide more buying opportunities, potentially taking the price higher towards $27,700.
On the downside, an immediate support for bitcoin is located at $25,100, and a break above this level could increase the selling pressure, which could lead the price towards $24,750. If BTC manages above $25,150, traders can consider opening a buy trade.
Top 15 Cryptocurrencies to Watch in 2023
Discover the top 15 cryptocurrencies to watch in 2023 with this curated list from industry talk, compiled by the experts at Cryptonews. Whether you are a seasoned crypto investor or new to the market, this list provides insight into the promising altcoins stirring up the industry.
Be sure to check back regularly for updates on new ICO projects and altcoins.
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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