Will Bitcoin Gain Bullish Momentum Again?
- Federal Bank decision affects Bitcoin’s Bullish.
- Bitcoin’s next target will be the $30,000 price range.
After the continuous collapse in the banking sector, Bitcoin (BTC) had a sudden bullish and reached the trading price of $28,000. BTC has risen about 22% this month and more than 65% since January 1. While the current growth of Bitcoin is impressive, it still marked by extreme volatility is a big call for caution of extremely bullish projection.
There is so much fear going around the Federal monetary policy, increased regulatory activity, and banking unrest. For a short period, BTC has witnessed a price decline which pushed Bitcoin below $27,000 on March 23.
Bitcoin Safe and Dependable Alternative
An analyst mentioned that the reason behind the price decline in BTC is the Federal Bank’s announcement of a 25 base points increase in interest rate. However, the good news is that Bitcoin continues to gather momentum and reached its trading price above $28,000 on March 24. BTC signals that investors saw it as a safe and dependable alternative to the traditional financial system.
At the time of writing, BTC is trading at about $27,470, down by around 2.06% in the last 24 hours. Even that leveler represented that retreat from loftier near $28,000. For now, the BTC price is just up and down around the $27K range. Following Bitcoin, the global crypto market cap is also declined by 1.74% over the last 24 hours with a market cap of 1.15 Trillion according to CoinMarketCap.
However, the trading price of Bitcoin depends on whether there is a new event that may accelerate the selloff or trigger a potential pivot. If the latter occurs BTC may regain the bullish momentum, and its major next target will be the $30,000 price range.
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