Despite the inherent volatility of the cryptocurrency market, bitcoin (btc), the well-known digital currency, has managed to maintain its upward trajectory and continues to trade above $28k. This is a remarkable achievement for bitcoin, which has faced significant challenges in recent months due to an extended bearish trend.
However, the current volatility of the global financial system is believed to be one of the primary drivers of its recent price increase, as investors have traditionally sought bitcoin as a safe haven during times of market uncertainty.
Bitcoin has traditionally served as a safe haven for investors in times of economic uncertainty. As a result, the recent bankruptcies of several banks, rising inflation rates and the policies of the US Federal Reserve have played a significant role in increasing the value of BTC.
Going forward, traders appear hesitant to make any significant investments ahead of the upcoming Federal Reserve interest rate decision. It is widely expected that the Bank will increase interest rates by 25 basis points (bps), a move that could have a significant impact on the cryptocurrency market.
Crypto Market Remains Upward, Boosting Bitcoin Amidst Cautious Investor Sentiment
The global cryptocurrency market continues its upward momentum, with prices largely in the green. However, investors exercise caution in light of the volatility of the banking sector.
Despite efforts to allay concerns, fears about the worsening economic situation and uncertainties remain, with many investors turning to digital assets like bitcoin.
The current uncertain economic climate has prompted investors to seek diversification and safe investments in digital assets, which has been identified as one of the primary factors contributing to the rise in BTC prices.
It is worth noting that the cryptocurrency market will continue to be affected by volatile market conditions and regulatory actions in the coming weeks and months.
Nonetheless, the surge in BTC prices is a positive sign for investors looking for a trustworthy alternative investment.
US dollar up slightly on increased risk appetite, bitcoin retains status as safe-haven investment
The broad-based US dollar rose marginally but held near five-week lows as traders resumed investing in riskier assets after UBS’s acquisition of Credit Suisse.
While the acquisition has eased concerns about a possible banking crisis, market sentiment remains somewhat cautious as investors remain uncertain about the challenges facing the banking sector.
Due to a decrease in risk appetite, the value of the safe-haven US dollar has increased. Additionally, this news has a positive effect on BTC, as it is also seen as a safe investment.
bitcoin price
currently, Bitcoin is trading at $28,000 with a 24-hour trading volume of $41.4 billion, registering a value increase of about 2% over the last 24-hours. As of Tuesday, the BTC/USD pair is consolidating near the $27,500 range, having overcome the $27,750 resistance level. If this bullish trend continues, bitcoin price could potentially move towards $29,250 or even $30,700.
In the event of a breakdown of the $26,700 or $25,200 support, the next level of support for bitcoin will be at $23,150. Nevertheless, despite the bearish potential, the overall trend for bitcoin remains bullish, thanks to the formation of bullish engulfing candles.
ethereum price
Ethereum is currently priced at $1,748, with a 24-hour trading volume of $10.1 billion, and has experienced a decrease of approximately 0.50% over the same 24-hour period.
The ETH/USD pair is showing a slight correction, with lower momentum against bitcoin. Ethereum is currently struggling to break the $1,800 barrier and it remained near the $1,700 support area.
In the event that the ETH/USD pair successfully overcomes the $1,800 level, it is expected to face resistance at the $1,900 range.
On the downside, the ETH/USD pair is expected to seek immediate support near the $1,700 or $1,620 levels.
Top 15 Cryptocurrencies to Watch in 2023
Check out Cryptonews’ Industry Talk team’s curated list of the top 15 altcoins to watch in 2023. The list is frequently updated with new ICO projects and altcoins, so be sure to check back often for the latest updates.
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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