Bitcoin crossed $28k, Aiming at $35K for the first time since last July
Bitcoin was trading around its 52-week low in December 2022; it started to rally from a low of $16K at the beginning of this year. Now BTC price has crossed $28K for the first time since June 2022. At the time of writing this post, the price of Bitcoin is trading around $28,344. It has surged more than 30% in the last seven days and over 20% in the last month.
The rally comes from speculation that the Federal Reserve will hike 25 basis points instead of 50 basis points, and US FED may pause the rate hike this year because of the regional bank-related problem in the USA.
Credit Suisse is a popular financial institution that has become a victim of this crisis. Besides that, Silicon Valley Bank and Signature Bank were shut down due to a lack of liquidity. As a result, the crypto community is expecting another huge rally if the ongoing US banking collapse continues in the next few months.
On the other hand, Federal Reserve announced coordination between the European Central Bank, Bank of Japan, Bank of Canada, Swiss National Bank, and Bank of England to enhance the US dollar liquidity issue.
According to the Bitcoin future predictions, the bullish momentum will continue till the resistance of $38K, and it will consolidate around that level. The candlesticks are over the 50 days, 100 days, and 200 days moving average lines that suggest a strong bullish momentum for the short term.
Moreover, Bitcoin experts forecast a higher price level suggesting the momentum will continue in the next few weeks. So, it is the right time to invest in Bitcoin and hold it for the next few years.