Cryptoyish
No Result
View All Result
Friday, March 31, 2023
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
Cryptoyish
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptoyish
No Result
View All Result
Home Bitcoin

Bitcoin Blows Past $25,000 As BTC Faces Obstacles Ahead

by Press Release
March 18, 2023
in Bitcoin
0
Bitcoin Blows Past $25,000 As BTC Faces Obstacles Ahead
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter


In the past few days, Bitcoin investors and traders have faced strong profit-taking, resulting in a slight drop in the global crypto market cap.

Adding to the fear, uncertainty, and doubt were the previous collapses of crypto-friendly banks Silvergate and Signature, as well as venture capital bank Silicon Valley Bank. However, bulls found their footing as BTC led the market in a rally once again.

According to CoinGecko as of this writing, the king of crypto is up nearly 10% in the past 24 hours, breaching the $25K level which, if the momentum permits, would allow BTC to hit a higher price target in the next few days or weeks.

With crypto-related equities and crypto itself rallying, investors and traders will surely enjoy the weekend with some gains.

TradFi Sentiment Flips Positive To Crypto

Traditional financial institutions are still strong players in the crypto industry. Big names like Blackrock, BNY Mellon, and JP Morgan invested in crypto companies, inciting local rallies that spur investors into holding their portfolios. 

This can be seen in the current market environment. With the US Federal Reserve announcing that they’ll cover SVB’s customer deposits, sentiment in crypto flipped from bearish to bullish within a matter of days.

The subsequent collapse of multiple banks in under a month also spurs doubts about how rigid the banking system really is. 

Due to this, it may not be likely that the Fed would raise interest rates once again amidst current market headwinds.

The recent price movement of Bitcoin is caused by this anticipation that the US central bank would ease its hawkish behavior to support the broader financial market. 

March 22 will be the date the Fed would decide whether to raise interest rates by 25 basis points. If they decide to raise it despite the anxiety surrounding the banking system, we might see pain come to both equity and crypto markets. 

Bitcoin Bulls Should Keep An Eye On Fed Actions

Investors are currently taking advantage of the recent price swing to capture some profits. At the time of writing, the token is trading with a red candle, a strong signifier that investors are willing to sell rather than hold for the long term. 

BTC total market cap at $530 billion on the daily chart at TradingView.com

Bitcoin bulls should monitor the Fed’s announcement on March 22nd, as this could affect sentiment surrounding crypto. With this in mind, holding the current support line at $24k will give investors a launch pad in case the token’s price drops.

The next target for the bulls in the medium to long term should be $30k.  If they flip this resistance to support, they could practically target the April 2022 range of $37,000 plus.

-Featured image from Smithsonian Magazine



Source link

Tags: aheadBitcoinBlowsBTCFacesObstacles

POPULAR NEWS

PrivaFund the First Global Decentralized and Fully Automated DeFi Platform with Permanent Fund Accessibility

PrivaFund the First Global Decentralized and Fully Automated DeFi Platform with Permanent Fund Accessibility

January 20, 2021

Coinovy: The C2F Token Roadmap

November 16, 2021
PSYCHODOGE Introduces Tokenomics Program that Generates Rewards

PSYCHODOGE Introduces Tokenomics Program that Generates Rewards

August 3, 2021
PrivaFund: The Crypto Trading Platform That’s Disrupting the Industry

PrivaFund: The Crypto Trading Platform That’s Disrupting the Industry

January 25, 2021
BitMart Innovates with Exclusive “Vote to Earn” NFT

BitMart Innovates with Exclusive “Vote to Earn” NFT

September 21, 2022

EDITOR'S PICK

Ether-Bitcoin Ratio On a Bullish Path After Triangle Breakout, Trader Says

Ether-Bitcoin Ratio On a Bullish Path After Triangle Breakout, Trader Says

January 4, 2023
STYLE Protocol, the cross-metaverse interoperability platform has announced that they have made the first CloneX NFT interoperable in 3 metaverses

STYLE Protocol, the cross-metaverse interoperability platform has announced that they have made the first CloneX NFT interoperable in 3 metaverses

November 3, 2022
Fed Likely to Raise Rates by 50 Basis Points in December; Bitcoin Jumps

Why Is Crypto Bouncing Back?

January 25, 2023
FTX CEO Warned Not to ‘Obstruct’ Bahamas Probe as He Gives Testimony

FTX Bankruptcy Special Counsel and Advisers Bill $38M for January

March 7, 2023

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Sushi Swap CEO Says He No Longer Feels 'Inspired' Amid U.S. Regulators’ Crypto Crackdown
  • Crypto Hardware Wallet Maker Ledger Raises Most of $109M Round: Bloomberg
  • Circle’s USDC Remains Dominant in DeFi as Pressure Eases on the Stablecoin
  • FTX Founder Sam Bankman-Fried Pleads Not Guilty to Latest Bribery Charge

© 2020 cryptoyish.com

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptoyish.com