Bitcoin bounced back to cross $28000 once again, leading to bullish sentiments with a crypto market surge.
Bitcoin steadily picked up pace on March 29, crossing the $28000 mark on March 29, leading to a pick-up in the crypto market. For the past few days, Bitcoin had been facing stiff resistance at this level, though bulls were supporting it at the $27000 level. At this juncture, it remains to be seen whether Bitcoin sustains the present rally or slows down after some time.
With the crypto market surge occuring at the present rate, the market’s overall capitalization climbed up to over $1.2 trillion. ETH supported the rally, trading over $1800. Analysts had predicted Bitcoin to hit $30000 by March, but the market sentiments ended up not being favorable for the same. But with the present crypto market surge, it might still be possible for Bitcoin to regain the level last seen in June 2022.
The US Consumer Confidence increased in March, which could have contributed to the latest turn of events in the crypto market. XRP, Litecoin, Polygon, and Cardano were trading with upward trends along with other cryptos as well. Bitcoin’s market cap surged over $550 billion in the last 24 hours with improved sentiments.
BTC/USD YTD price chart
Bitcoin is currently trading at around $28500 on March 29, 2023, with BTC/USD up by 5.7% in the previous 24 hours. With most cryptos witnessing positive sentiments on the last day, the crypto market surge picked up considerably more than the earlier levels. BTC/USD is trading higher than its 20-day EMA (24,982.57). Bitcoin’s 24-hour volume remained higher than before, crossing $20 billion.