The price of Bitcoin is waiting for a move to skyrocket as it is seen that BTC is making an attempt to break the price of $ 25,000 again amid the effects of macro and banking crisis. Investors expect lower rate hikes by the U.S. Federal Reserve. because the authorities are planning emergency financing when banks are affected by aggressive rate increases.
The European Central Bank has raised rates by 50 bps today despite being weighed down by the issue of the US banking crisis. Meanwhile, stocks and futures have recovered after Credit Suisse received $54 billion from the Swiss Central Bank.
Blockchain data showed Coinbase's Bitcoin and Ethereum premium index rose after the US regional bank collapsed, prompting strong buying pressure from U.S. investors. People are seen choosing to withdraw money from banks and invest in crypto. Bitcoin's price action shows that it is firmly holding the 24-25K level and looks set to break the $25k resistance level.
Analysts support bitcoin's strong price movement. Popular crypto analyst Skew revealed that the movement of the BTC Binance Spot Orderbook clearly shows that the buy order is at a level to push the bitcoin price higher.
Crypto analyst Ali Martinez predicts another first Bitcoin price action of the weekend if Bitcoin moves in the Megaphone bullish technical pattern.
If Bitcoin ends the week above the 200-WMA at $25.3K, it will confirm another big move above $26K to the psychological level of $30,000.
BTC price is currently trading at $24,769 as it touches the $25k level continuously, with investors awaiting key data amid another bullish signal. Meanwhile, the price of Ethereum is trading at $1,652, down more than 1% in the last 24 hours.
