bitcoin And cryptocurrencyCryptocurrencies have risen much faster than other risky assets after the US banking crisis recovery plans, which brought bears to the fore.
Positive divergence from US stock markets BTC started to enter the agenda of the mainstream media again.
According to CNBC’s report, Bitcoin and altcoins rallied for the second time this week.
It broke the $25,200 resistance on the first rise and broke above $26,000. BTCwas not able to maintain these levels and experienced a decline.
However, BTC, which experienced its second rise this week, rose above $ 26,000 for the second time.
Bitcoin rose 6.8% to $26,700, according to data from Coin Metrics.
With this performance, Bitcoin is going to its best week since January 2021, just before the first bull run in 2021.
While the rise in Bitcoin made investors happy, forecasts for BTC continued to come from analysts.
Pointing out that the weekly closing in Bitcoin is important in this context, Japanese crypto firm Bitbank analyst Yuya Hasegawa said, “A close above $26,000 for BTC could mark the beginning of a bull market.” said.
Callie Cox, eToro US investment analyst, shared her thoughts on the Fed’s rate hikes.
“I don’t see enough evidence that even if the Fed stops rate hikes, it will back out from its hawkish stance for a long time to come.
In other words, even if the Fed does not raise interest rates, interest rates will remain high. In this context, high interest rates are difficult to survive in speculative cryptocurrencies and are unlikely to be bullish.”
Although it was stated in the CNBC report that Bitcoin would struggle during the period when interest rates remained stable, historical data shows that Bitcoin continued its upward momentum during the periods when the FED kept interest rates high but stable.
Between December 2018 and June 2019, when the FED kept interest rates constant at 2.5%, Bitcoin experienced a 339% rise. #FED #Interest #Bitcoin pic.twitter.com/RCkKCfoRHK
— Bitcoin System (@bitcoinsystem) March 17, 2023
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!