The
price
of
Bitcoin
has
surged
by
7%,
prompting
speculation
that
a
new
bull
market
may
be
starting.
This
recent
increase
has
caught
the
attention
of
investors,
who
are
closely
watching
the
cryptocurrency
market
for
any
signs
of
a
sustained
upward
trend.
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
will
delve
into
the
details
of
this
recent
price
surge
and
examine
whether
it
is
a
sign
of
a
new
bull
market
or
simply
a
short-term
fluctuation.
Global
Banking
Crisis
Sparks
Concern
in
Financial
Markets
Global
financial
markets
persist
in
experiencing
turmoil
as
Credit
Suisse
disclosed
substantial
frailties
in
its
financial
standing.
Moreover,
the
Saudi
National
Bank
declared
its
unwillingness
to
provide
additional
capital
to
stabilize
the
beleaguered
Swiss
institution.
In
an
attempt
to
alleviate
mounting
concerns
over
Credit
Suisse’s
liquidity,
the
Swiss
National
Bank
intervened
late
Wednesday,
granting
Credit
Suisse
access
to
borrow
up
to
$54
billion.
Amidst
the
ongoing
banking
crisis,
investors
have
commended
the
unwavering
performance
of
the
cryptocurrency
market.
This
resilience,
coupled
with
bitcoin’s
minimal
correlation
to
stocks
in
recent
months,
has
altered
perceptions
of
bitcoin
as
a
viable
alternative
asset.
As
the
week
saw
a
considerable
surge
in
cryptocurrency
values,
the
BTC/USD
price
escalated
in
response
to
investors
assessing
vulnerabilities
in
the
US
and
European
financial
structures.
Uncertainty
Over
Fed
Rate
Hikes
Sparks
Volatility
in
Bitcoin
Market
Investors
harbor
apprehensions
that
the
Federal
Reserve
may
reduce
the
50
basis
point
rate
hike
to
strengthen
its
defenses
against
unrelenting
inflation
within
the
United
States.
US
data
unveiled
on
Wednesday
exhibited
a
decline
in
producer
inflation
and
a
slump
in
retail
sales
figures,
which
heightened
anticipation
that
the
Federal
Reserve
might
implement
a
modest
increase
in
interest
rates
during
its
meeting.
Furthermore,
emerging
concerns
of
a
global
financial
meltdown
have
contributed
to
the
discourse
of
waning
inflation,
thus
reducing
the
probability
of
the
Fed
elevating
interest
rates
by
50
basis
points.
Reuters
also
disclosed
that,
during
its
meeting
on
March
22,
the
FOMC
may
opt
for
a
mere
25
basis
point
rise
in
the
federal
funds
rate.
In
early
March,
US
consumer
sentiment
experienced
a
downturn
as
the
University
of
Michigan’s
(UoM)
Consumer
Confidence
Index
fell
to
63.4
from
67
in
February.
This
outcome
was
more
unfavorable
than
the
anticipated
market
prediction
of
67.
As
a
result,
the
Dollar
Index
dipped
to
104.06
and
might
persist
in
its
descent
due
to
the
growing
uncertainty
surrounding
the
Fed’s
interest
rate
verdict.
This
weakening
of
the
US
dollar
proved
advantageous
for
the
BTC/USD
pairing.
Bitcoin
Price
The
current
live
price
of
Bitcoin
stands
at
$26,604,
accompanied
by
a
24-hour
trading
volume
of
$42.8
billion.
Over
the
past
24
hours,
Bitcoin
has
experienced
a
7%
increase
in
value.
Presently,
Bitcoin
holds
the
#1
position
on
CoinMarketCap,
boasting
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
may
trigger
more
buying
opportunities,
potentially
pushing
the
price
up
to
$27,700.
Bitcoin
Price
Chart
–
Source:
Tradingview
On
the
downside,
Bitcoin’s
immediate
support
is
at
$25,100,
and
breaking
this
level
could
lead
to
more
selling
pressure,
pushing
the
price
down
to
$24,750.
Traders
may
consider
opening
a
buying
trade
if
BTC
manages
to
hold
above
$25,150.
Buy
BTC
Now
Top
15
Cryptocurrencies
to
Watch
in
2023
Discover
the
top
15
cryptocurrencies
to
keep
an
eye
on
in
2023
with
Industry
Talk’s
curated
list,
compiled
by
the
experts
at
Cryptonews.
Whether
you’re
a
seasoned
crypto
investor
or
new
to
the
market,
this
list
offers
insights
into
promising
altcoins
that
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waves
in
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industry.
Be
sure
to
check
back
regularly
for
updates
on
new
ICO
projects
and
altcoins.
Disclaimer:
The
Industry
Talk
section
features
insights
by
crypto
industry
players
and
is
not
a
part
of
the
editorial
content
of
Cryptonews.com.
Find
The
Best
Price
to
Buy/Sell
Cryptocurrency
Cryptocurrency
Price
Tracker
–
Source:
Cryptonews