The price of Bitcoin has fluctuated in recent weeks. Note that we witnessed a significant increase in the volume of trade, which reached 69 billion dollars.
This article analyzes the current Bitcoin price trend and predicts the direction the digital asset could take.
Banking crisis in the United States: Account holders of Silicon Valley Bank and Signature Bank are relieved after the commitment of the government
Silicon Valley Bank, which provided banking services to several crypto businesses, has had to deal with withdrawal and transfer limitations due to concerns about his financial situation. However, following the government’s promise to protect all depositors, account holders were given full access to their money on Monday.
In parallel, the bankruptcy of its main banking partner, the Signature Bank, has put the company Circle in difficultywhich specializes in peer-to-peer payments, revealing the dependence of the stablecoin ecosystem on certain centralized companies.
After US regulators intervened to support deposits at Silicon Valley Bank (SVB) and Signature Bank (SBNY), investors were relieved and became optimistic that the collapse of the banking sector would bring the Federal Reserve to revise its monetary policy downwards.
As a result, the US dollar fell as traders questioned the possibility that the Fed will raise interest rates again later this month, given the US banking crisis. Note that the DXY is currently trading at 103.63.
BTC traders regained some risk appetite, which helped BTC/USD cross above $24,000 for the first time in over two weeks.
Binance Announces Conversion of $1 Billion Fund to Bitcoin, Ether, and Binance Coin
Binance has announced its intention to convert a fund worth around $1 billion into Bitcoin, Ether and Binance Coinleading to a spike in the value of these cryptocurrencies.
CEO Changpeng Zhao tweeted on Monday to announce that Binance’s BUSD fund transaction took just five seconds to complete and cost just $1.29.
Binance’s decision was made after US authorities agreed to guarantee the deposits of two bankrupt regional banks, Silvergate and Silicon Valley Bank, which eased fears of a potential banking crisis in the cryptocurrency market. This news boosted buying pressure and led to a rise in BTC/USD.
bitcoin price
Bitcoin may face an immediate hurdle at the $25,250 level, which would limit its upward momentum. Breaking this resistance level could trigger more buying opportunities, potentially pushing the price up to $26,700.
On the downside, Bitcoin’s immediate support lies at $24,000, crossing this level could lead to further selling pressure, sending the price down to $23,750. Traders may consider opening a buy trade if the price breaks above the $25,225 level today.
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