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Bitcoin's price rose 7%, leading to speculation that a new bull market could begin. This latest spike has caught the attention of investors who are watching the cryptocurrency market closely for signs of a sustained bullish trend.

Many factors are contributing to the current Bitcoin price action, including increased institutional adoption, regulatory clarity, and a growing global economy.

In this article, we'll go into the details of this recent price surge and examine whether it's a sign of a new bull market or just a short-term surge.

Global Banking Crisis Raised Concern in Financial Markets Problems in Credit Suisse's financial situation, global financial markets continue to be in turmoil. Also, the Saudi National Bank has announced its reluctance to provide additional capital to stabilize the besieged Swiss institution.

In an effort to ease growing concerns about Credit Suisse's liquidity, the Swiss National Bank intervened late Wednesday, allowing Credit Suisse to borrow up to $54 billion.

Amid the ongoing banking crisis, investors were satisfied with the unwavering performance of the cryptocurrency market. In recent months, bitcoin's resilience following news of the bank collapse has made it perceived as a viable alternative asset. In fact, with the entire crypto market showing resistance, the BTC/USD price rose in response to investors' assessment of vulnerabilities in the US and European financial structures.

Uncertainty About Fed Rate Increases Leads to Volatility in Bitcoin Market

Investors are considering the possibility that the Federal Reserve may reduce the rate hike by 50 basis points to strengthen its defenses against relentless inflation in the US .

US data released on Wednesday showed a decline in producer inflation and retail sales figures, raising expectations that the Federal Reserve may implement a moderate hike in interest rates at its meeting.

Also, emerging concerns about a global financial collapse contributed to the rhetoric of lowering inflation, making it less likely that the Fed would raise interest rates by 50 basis points.

Reuters also announced that the FOMC may only opt for a 25 basis point increase in the federal funds rate at its March 22 meeting.

In early March, U.S. consumer sentiment suffered a downturn as the University of Michigan's (UoM) Consumer Confidence Index dropped to 63.4 from the expected 67 in February. This result was more negative than the expected market forecast of 67.

As a result, the Dollar Index fell to 104.06 and could continue its decline further amid growing uncertainty surrounding the Fed's interest rate decision. This weakening of the US dollar is advantageous for the BTC/USD pair. Bitcoin Price Bitcoin 's current live price is $26,604 and has a 24-hour trading volume of $42.8 billion. In the last 24 hours, Bitcoin has experienced a 7% increase in value. Currently, Bitcoin holds the #1 position on CoinMarketCap with a live market cap of $513 billion. Bitcoin may face a sudden hurdle at $26,650 and fail to break through its uptrend. Breaking this resistance level could trigger more buying opportunities and potentially push the price up to $27,700.

Speaking on the downside, Bitcoin's immediate support is at $25,100, and breaking this level could push the price down to $24,750 with further selling pressure. If BTC manages to hold above $25,150, traders can look for a buy position.