Bitcoin price awaits a strong upside move as it prepares to cross $25,000 again amid easing macro impacts and the banking crisis. Investors anticipate a lower rate hike by the U.S. Federal Reserve as it plans emergency funding as banks capitulate to aggressive rate hikes.
The European Central Bank to hike rates by another 50 bps today despite inflation cooling in the Eurozone, downplaying contagion to European banks from the US banking crisis. Meanwhile, stocks and futures have rebounded after Credit Suisse received $54 billion from the Swiss central bank.
On-chain data indicates Bitcoin and Ethereum Coinbase premium index rose after the US regional banks collapsed, which caused strong buying pressure from U.S. investors. People are removing money from banks and investing in crypto. The price action of Bitcoin indicates it holds strongly in 24-25k and looks to actually break the $25k level soon. The Coinbase premium is again rising.
Analysts Support Strong Bitcoin Price Movement
Popular crypto analyst Skew revealed that BTC Binance Spot Orderbook Movements clearly show buy orders are being placed to push Bitcoin price higher. Typically, buy orders attract perp buyers to fill spot sell orders above.
Crypto analyst Ali Martinez predicts another bullish Bitcoin price action over the weekend if Bitcoin is moving in a technical pattern of Bullish Megaphone.
#Bitcoin | If this bullish megaphone is the governing pattern behind $BTC price action, we could be about to witness another bullish weekend! pic.twitter.com/Ygy0w4bKUC
— Ali (@ali_charts) March 16, 2023
Another popular analyst Michael van de Poppe predicts another upside in Bitcoin and Ethereum as he remains bullish amid current events. Traders must keep an eye on the ECB rate hikes and the U.S. jobless claims that will determine another largest jump. He believes the market will witness a continuation of the earlier rise, under higher unemployment numbers.
If Bitcoin ends the week above 200-WMA at $25.3K, it will confirm another massive move above $26K towards the $30,000 psychological level.
BTC price currently trades at $24,907 as it touches the $25K level continuously, with traders awaiting key data amid other bullish signals. Meanwhile, Ethereum price is trading at $1,664, down over 1% in the last 24 hours.
Also Read: Operation Choke Point 2.0, Crypto Not A Scrapegoat For Regulators-Led Banking Crisis