Bitcoin Price Prediction as BTC Surges 7% – Is a New Bull Market Beginning?
Bitcoin Price Prediction as BTC Surges 7% – Is a New Bull Market Beginning?
The price of Bitcoin jumped 7%, suggesting that a new bull market could begin. This recent surge has caught the attention of investors, who are watching the cryptocurrency market closely for any signs of a sustained uptrend.
Many factors are contributing to the current Bitcoin price movement, including increased institutional adoption, regulatory clarity, and a growing global economy.
In this article, we’ll dive into the details of this recent price surge and consider whether it’s a sign of a new bull market or just a short-term fluctuation.
Global banking crisis raises concerns in financial markets
Global financial markets continue to experience turmoil as Credit Suisse revealed significant weaknesses in its financial position. Additionally, the Saudi National Bank said it was unwilling to provide additional capital to stabilize the beleaguered Swiss institution.
In an attempt to assuage growing concerns about Credit Suisse’s liquidity, the Swiss National Bank stepped in late Wednesday, granting Credit Suisse access to borrow up to $54 billion.
Amid the ongoing banking crisis, investors hailed the unwavering performance of the cryptocurrency market. This resilience, coupled with bitcoin’s minimal correlation to stocks over the past few months, has changed the perception of bitcoin as a viable alternative asset.
As the week saw a huge increase in cryptocurrency values, the BTC/USD price soared in response to investors assessing vulnerabilities in US and European financial structures.
Uncertainty Over Fed Rate Hikes Triggers Bitcoin Market Volatility
Investors fear that the Federal Reserve will cut the rate hike by 50 basis points to bolster its defenses against unrelenting inflation in the United States.
U.S. data released on Wednesday showed lower producer inflation and a slump in retail sales figures, bolstering anticipation that the Federal Reserve could implement a modest interest rate hike in the coming months. his meeting.
Additionally, emerging fears of a global financial meltdown contributed to the rhetoric of falling inflation, reducing the likelihood of the Fed raising interest rates by 50 basis points.
Reuters also revealed that, at its March 22 meeting, the FOMC may opt for a mere 25 basis point hike in the federal funds rate.
In early March, US consumer confidence declined, with the University of Michigan (UoM) Consumer Confidence Index falling to 63.4 from 67 in February. This outcome was worse than the early market forecast of 67.
As a result, the Dollar Index plunged to 104.06 and may continue lower due to growing uncertainty surrounding the Fed’s interest rate verdict. This weakening of the US dollar has proven beneficial for the BTC/USD pair.
bitcoin price
Bitcoin’s current live price stands at $26,604, accompanied by a 24-hour trading volume of $42.8 billion. In the past 24 hours, Bitcoin has seen a 7% increase in value. Currently, Bitcoin holds the #1 spot on CoinMarketCap, with a live market capitalization of $513 billion.
Bitcoin could face an immediate hurdle at the $26,650 level, limiting its upward momentum. Breaking this resistance level can trigger more buying opportunities, potentially driving the price up to $27,700.
In contrast, Bitcoin’s immediate support is $25,100, and breaking this level could lead to increased selling pressure, pushing the price down to $24,750. Traders can consider opening a buy trade if BTC manages to hold above $25,150.
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Top 15 cryptocurrencies to watch in 2023
Discover the top 15 cryptocurrencies to watch in 2023 with the list curated by Industry Talk, compiled by the experts at Cryptonews. Whether you are a seasoned crypto investor or new to the market, this list offers an overview of promising altcoins that could make waves in the industry.
Be sure to regularly check for updates on new ICO projects and altcoins.
Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.
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