The boat rocks, but Bitcoin does not flinch – The Binance exchange platform is being sued by the Commodity Futures Trading Commission (CFTC) for “numerous violations of the Commodity Exchange Act (CEA)”. Therefore, this is a new blow to the cryptocurrency sector in the midst of a banking crisis. Yet Bitcoin doesn’t seem to care. Indeed, the king of cryptocurrencies is evolving around $27,000, and the price is up 60% since the beginning of January 2023.
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Bitcoin price stagnates around $27,000
The day of March 28 is generally calm on the Bitcoin (BTC) price side:
In 24 hours, the price of Bitcoin has not moved, and Ethereum takes the opportunity to outperform Bitcoin. However, Bitcoin has outperformed Ethereum for several months. Indeed, the BTC/ETH pair is up by 7% in a month. The pair even climbs more than 10% in three months. Is the trend changing in view of the arrival of the Shanghai update on Ethereum? Operators could start “buy the rumour, sell the news”…
Bitcoin is the best performing asset since the beginning of the year: +60% since the beginning of January 2023
the year 2022 was very complicated for the king of cryptocurrencies, but the year 2023 starts in a whole different way. Since the beginning of the year, the price of Bitcoin is up by 60% :
We see it very quickly thanks to this comparative graph, Bitcoin greatly outperforms other financial assets. If gold shows a non-negligible rise compared to its very high capitalization, other assets remain timid. This is the case for the S&P 500, which posted an increase of 4.4%and dollar falling since the beginning of the year. The dollar was thesafe-haven asset of the year 2022, the year 2023 could be very different. Will Bitcoin be able to keep up?
Bitcoin price must rebound to avoid a change in short-term momentum
In the short term, Bitcoin is in a tidy between $26,600 And $28,750 :
At the moment, the price of Bitcoin is in theindecision. A fence below $26,600 would allow sellers to regain control. On the other hand, if the buyers react, they have the possibility of relaunching the bullish momentum. For that, you have to break the resistance at $28,500. The RSI indicator continues to be fragilebecause it evolves below the bearish trendline.
The price of Bitcoin is up 60%, it is the best performing asset in 2023. While the dollar has been the safe haven asset of the year 2022, Bitcoin is waking up, in the midst of a banking crisis. In the short term, Bitcoin needs to rebound and break through the resistance zone at $28,500 to avoid handing over to the bears.
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