Bitcoin Price Prediction and Huge Trading Volume $75 Billion | Arabic Bitcoin | Bitcoin news
Bitcoin Price Prediction and Huge Trading Volume $75 Billion
Bitcoin price forecast, volume and the world’s most valuable, rose above the $25,000 mark early Friday morning, while Ethereum bidded above the $1,700 level.
Other popular altcoins, including Dogecoin, Ripple, Litecoin, and Solana, also landed in the greens.
$BTC Price: $25,737 #Bitcoin #BTC #BitcoinPrice #Crypto pic.twitter.com/NBFMnpXaBH
— Bitcoin Price Tracker (@BTCPriceUpdate) March 17, 2023
Bitcoin price is up more than 5% in the past 24 hours and it is currently trading above $25,600.
This rally, along with other cryptocurrencies, has pushed the total cryptocurrency market cap above $1 trillion, making investors even more confident.
Despite this, some analysts are skeptical and believe that this could be a bull trap fueled by positive sentiment, especially since trading volumes remain low.
The recent collapse of SVB and Silvergate banks has raised liquidity concerns in the market, prompting clients to shift their focus to digital assets.
According to Apptopia, downloads of cryptocurrency apps increased by 15% after the stock crash of major banks.
Investors seeking to diversify their portfolios and reduce risk has drawn attention to the goal of introducing a cryptocurrency to address the faults of the old financial system.
The recent collapse of SVB and Signature Bank, along with Credit Suisse’s 25% stock drop, highlights the vulnerabilities of traditional financial institutions.
It’s clear that the future belongs to decentralized currencies like #Bitcoin
— Elite Crypto (@TheEliteCrypto) March 16, 2023
Credit Suisse is bailed out by the Swiss National Bank, but the mystery remains
The Swiss National Bank lends $50 billion to troubled investment bank Credit Suisse.
For the time being, this measure seems to have survived the dire situation of a European banking crisis. However, uncertainty remains as the COVID-19 pandemic and geopolitical tensions continue to take their toll on the global economy.
*CREDIT SUISSE TO BORROW ABOUT $54 BILLION FROM SWISS NATIONAL BANK TO SHORE UP LIQUIDITY$CS 🇨🇭🇨🇭 pic.twitter.com/pMuX1fdaow
— Investing.com (@Investingcom) March 16, 2023
Thus, the news of the Swiss National Bank’s $50 billion loan to Credit Suisse did not have much impact on Bitcoin (BTC) prices.
The cryptocurrency market is in an uptrend as bitcoin continues to dominate
The cryptocurrency market is currently experiencing a surge in value, with Bitcoin and Ethereum leading the way.
Investors remain optimistic about the ability of cryptocurrencies to disrupt traditional banking institutions.
As the total market capitalization of cryptocurrencies crosses the $1 trillion mark, it is clear that investors are increasingly interested in cryptocurrencies and their potential.
#CMC Daily Chronicles ✨
It’s finally Friday!
Let’s see if we can maintain Total Market Cap above 1T over the weekend! #CoinMarketCap #CMC #crypto #cryptocurrency pic.twitter.com/JNF7dazSft
— CoinMarketCap (@CoinMarketCap) March 17, 2023
It will be interesting to see how the cryptocurrency market performs in the coming months, given the market’s concerns about liquidity and potential interest rate cuts.
It is important to note that the US may cut interest rates in the latter part of the year to provide protection to banks.
This action may prompt investors to establish new long-term positions and increase capital flows into riskier assets.
The bearish US dollar supports Bitcoin
The recent decline in the US dollar has had a significant impact on the prices of Bitcoin (BTC) and Ethereum (ETH).
This decline came as the authorities and banks took steps to relieve pressure on the financial system following the collapse of two medium-sized banks.
As a result, most of the major currencies, including BTC and ETH, have rebounded and are currently trading above the $25,000 and $1,700 levels, respectively.
This bullish trend is expected to continue as investors seek alternative investments amid dollar weakness.
The upcoming Federal Reserve monetary policy meeting is also expected to play an important role in market movements. Some investors are hoping that the Fed will take a more cautious approach to raising interest rates, which could ease pressure on the financial sector and potentially lead to an increase in interest in cryptocurrency.
Overall, the decline in the US dollar was a major factor driving the prices of BTC and ETH higher. As the world looks for new investment opportunities, cryptocurrencies are becoming an increasingly popular option, and this trend is expected to continue as the financial system faces constant challenges.
Bitcoin price forecast and huge trading volume
After a brief consolidation at $26,500, bitcoin price declined sharply and has been in a short-term negative trend since it broke below the $25,000 and $25,500 support levels.
However, if the price can close above $25,200, it could lead to a fresh uptrend above $26,000, with a crucial resistance level at $26,500.
A breach of $26,000 could pave the way for a possible rally towards $27,500.
Bitcoin may experience another decline if it fails to clear the $25,200 resistance.
For now, the $24,000 level offers short-term support, with additional, stronger support at the $23,500 region and the 100 hourly simple moving average not far away.
However, if the price drops below $22,600, the selling pressure is likely to increase, and if the losses continue, the price may drop below $22,000.