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Bitcoin (BTC) has made a stunning rebound after experiencing a recent dip of 20% that took it below the $20,000 milestone.
Strong purchasing pressure during the banking meltdown in the US has pushed it back up to levels it had lost. The cryptocurrency with the greatest market capitalization in the business has broken beyond the $25,000 threshold.
It has passed the test of rechecking the resistance barrier at this level without any problems. In addition, Bitcoin appears to be on track to hit greater levels before the slump that will begin in 2022.
The closure of short positions totaling up to $280 million in the last 24 hours lends credence to this optimistic outlook. The onset of a severe economic downturn served as the driving force behind the development of bitcoin.
Consequently, the global market for cryptocurrencies is thriving, and investors are slowly regaining faith and with attention focused there in new companies. Is there going to be a fresh bull market as a result of all of this?
Bitcoin’s Large-Scale Bear Market Has Ended
Bitcoin has gained strength following a rechecking of its Pi cycle and a rise in its 111-day moving average.
Bitcoin is trading at a level that is significantly higher than the macro downtrend line, which was established at $24,800.
Crypto analyst Rekt Capital tweeted that a month-to-month closing above the $24,800 downtrend line could signal a new cycle for the cryptocurrency. He went on to say that it is currently the most valued item on the market.
If the price of bitcoin maintains between the range of $25,200 and the broken downtrend line, further gains are possible.
In the event that Bitcoin is able to maintain its present price action and continue to stabilize well above the present level. It is possible that their goal for the not-too-distant future is to attain $30,000.
Bitcoin Price Improved Investor Confidence
A new landmark was reportedly achieved by Bitcoin in the preceding 24 hours, as stated by a reporter. The market capitalization of all bitcoin options has recently reached $2.5 billion in terms of their abstract value.
This abstract value has set a new record for the all-time list, and it is currently in second place overall. In addition to this, liquidity is moving away from the sovereignty of the United States and into cryptocurrency markets.
Because of this, the current boom is able to take place with the appropriate amount of liquidity. To reflect this, the value of Bitcoin has risen by almost 20% in a short time, showing the trust of investors.
After momentarily slipping below $1 trillion, market subsidization of the growing industry has resumed its upward trajectory and is continuing to rise.
The market subsidy should be able to make up for lost ground if it receives support from above its 200-day moving average.
The bitcoin industry has moved into a new era as a direct result of the causes that were discussed above.
Being the market leaders, the biggest cryptocurrencies are looking forward to a new massive bull pattern appearing in the next months.
Since earlier today, when it had reached a high of $26,400, the price of bitcoin has fallen to its current level of $25,900.
This equates to a substantial 16% in the prior seven days and an increase of 7.4% in the preceding 24 hours.
From the on-chain statistics, BTC is a safe haven for investors fleeing the escalating banking crisis in the United States.
Bitcoin Gains Unity amid Economic Turmoil
U.S. banking equities have fallen as the crisis at institutions like Signature Bank, SVB, and Silvergate Bank reverberates through global financial markets.
Yet the cryptocurrency sector as a whole, including Bitcoin, is on the rise. As the New York session progressed on March 14, Bitcoin values climbed past $26,000, setting a new quarterly high for 2023.
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