After Bitcoin dipped steeply after the Fed interest rate hike, the crypto market rebounded to its earlier trading levels in 48 hours.
In the previous week, Bitcoin had touched a nine-month high after it crossed $28000 and showed all signs of hitting $30000 within the month. But it suffered a setback as the crypto market witnessed a sell-off after the interest rate hike in the US. But as it turned out, the decline was temporary as the crypto market rebounded and witnessed Bitcoin trading over $28000 once again.
Other cryptos showed mixed movements in the last 24 hours, with Ethereum hitting $1800, while XRP, Dogecoin, and Tron are also trading in green. The crypto market’s overall capitalization rose by over 2% to trade at around $1.2 trillion. At the present levels, Bitcoin’s resistance is at $28950 while support is at $26600. Going below $25200 could trigger a bearish stance, as claimed by several experts.
The banking crisis unfolding in the world has not had a major effect on the crypto market so far. The latest crypto market rebound was a signal of the bullish sentiments prevailing in the market. While the liquidity of the market might get affected in the short term, analysts have expressed optimism for better regulations for the crypto industry in the future in light of the recent events.
BTC/USD YTD price chart
Bitcoin is currently trading at around $28100 on March 24, 2023, with BTC/USD up by 1.6% in the previous 24 hours. Most other cryptos witnessed improved sentiments on the last day. BTC/USD is trading much higher than its 20-day EMA (24,374.34). Bitcoin witnessed a 24-hour trading volume of just above $22 billion.