The trading volume of Bitcoin has experienced a significant increase, reaching $69 billion, causing investors to speculate whether whales are entering the market. This article examines the current trend of Bitcoin prices, providing insight into where digital assets may be headed next.
Silicon Valley Bank recently experienced withdrawal and transfer limitations due to financial concerns, however, after the government pledged to safeguard depositors, account holders regained access to their funds. Signature Bank also experienced challenges, causing Circle to face issues, highlighting the reliance on centralized companies within the stablecoin ecosystem.
Following the government’s guarantee of deposits for Silvergate and Silicon Valley Bank, investors grew optimistic that the potential banking crisis in the crypto market could lead to the Federal Reserve scaling back its hawkish monetary policy, creating buying pressure and causing BTC/USD to rise above $24,000 for the first time in two weeks.
Binance, the world’s leading cryptocurrency exchange by volume, announced plans to convert a $1 billion fund into Bitcoin, Ether, and Binance Coin tokens, creating a surge in the value of these currencies.
Bitcoin may face an immediate hurdle at the $25,250 level, with resistance potentially limiting its upward momentum. However, breaking this resistance level could trigger more buying opportunities, causing the price to rise to $26,700. Bitcoin’s immediate support is currently at $24,000, and breaking this level could lead to more selling pressure, potentially pushing the price down to $23,750.
Finally, this article offers a list of the top 15 cryptocurrencies to keep an eye on in 2023, curated by experts at Cryptonews. Be sure to check for regular updates on new ICO projects and altcoins. Additionally, Cryptonews offers a cryptocurrency price tracker to help find the best price for buying and selling cryptocurrencies.