There were no signs of pressures on Bitcoin as it set new highs as the crypto market volatility rose to new levels.
Bitcoin has stood out in spite of countless pressures faced by the world economy at present and has shot past $28000 in the last 24 hours. The rising crypto market volatility steered upward, with most cryptos moving ahead with bullishness. Bitcoin had struck $28000 late on March 19 before retreating back below the mark. On March 20, it once again raced across $28000, showing no signs of slowing down.
This was the most unexpected time for the crypto market to be extremely bullish, with a looming banking crisis, high levels of inflation worldwide, and talks of even higher interest rate hikes. But interestingly, Bitcoin has surged by almost 70% in 2023, while even Ethereum has rallied by 17%. Other altcoins showed similar results, with each one of them recovering significantly since late 2022.
All eyes are on BTC at present to see whether it will push $30000 within March, as predicted by many analysts. Even if traders and investors start booking profits and Bitcoin subsides moderately, it is set for a long-drawn crypto market rally in 2023, a claim which is supported by many experts.
BTC/USD YTD price chart
Bitcoin is currently trading at around $28100 on March 20, 2023, with BTC/USD increasing by 4% in the previous 24 hours. Many other cryptos witnessed upward trends in the last 24 hours in between the crypto market volatility. BTC/USD is trading much higher than its 20-day EMA (23,524.17). Bitcoin witnessed a 24-hour trading volume of over $40 billion while its market capitalization increased above $540 billion after a long time.