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Bitcoin has reclaimed the $28,000 mark after hitting a nearly four-week low and hitting lows of $26,985 on April 24. After staying below $28,000 for five days, Bitcoin took the rest of the market on an unexpected bullish journey.
At the time of writing, Bitcoin is up 5% to $28,701 in the past 24 hours. If Bitcoin continues its recent surge, the leading asset could be on track to mark its second day of gains since its rebound from April 24 lows.
Some narratives may have helped fuel Bitcoin’s rally, although the exact cause of the surge remains unknown. The rebound is initially supported by technical factors. Bitcoin tested a closely watched level — its daily MA 50 — which some analysts believe remains a crucial level for Bitcoin’s price growth.
Certainly, after a test of this key level, Bitcoin rallied and surged higher, hitting intraday highs of $28,836 at press time.
On-chain analytics firm Santiment points to high Bitcoin social dominance occurring during the market scare. This could lead to prices recovering quickly.
Santiment also reported that crypto was seeing signs of life minutes after US stock markets ended their rough day. It states that price increases without dependence on the S&P 500 are ideal for the market’s independent sustainability.
Less than 24 hours after struggling First Republic Bank announced in its first-quarter earnings presentation on Monday that it had lost $100 billion in deposits, reviving concerns about the viability of the banking sector, BTC also started an uptrend.
This year, bitcoin is up about 65%, but the uptrend has slowed over the past two weeks since it surpassed $30,000 for the first time since June.
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