Bitcoin (BTC) could rise sharply in recent days. This continued yesterday in the run-up to the US consumer price index (CPI). After the release of the inflation figures, bitcoin surged to a peak of $26,500, the highest price since June 2022, about 9 months ago. Bitcoin then briefly found support around $26,000, but did not last long. By last night, bitcoin dipped all the way back to $24,000. Overnight, bitcoin once again struggled with the infamous $25,000. Bitcoin tops out at $24,800 on Binance and $23,130 on Bitvavo at the time of writing.
This means that the bitcoin price is up 2.3% today. Trading volume increased by 11% in the last 24 hours. The total market capitalization is $480 billion and the dominance is 43.7%. The Fear & Greed Index comes out at 50 (Neutral).
Bitcoin Fear and Greed Index is 50 — Neutral
Current price: $24,767 pic.twitter.com/IXjPz5NjDd
— Bitcoin Fear and Greed Index (@BitcoinFear) March 15, 2023
Best three-day performance since October 2019
Bitcoin took another big plunge last week as news of Silverbank’s troubles came out. Subsequently, this banking crisis turned out to be larger in scope and the great Silicon Valley Bank also went down. The BTC price subsequently recovered and it is speculated that the banking problems are leading investors to bitcoin.
Yesterday, immediately after the publication of the US CPI, bitcoin rose sharply again. Inflation figures came in at the expected 6% and that may have eased the pressure. In fact, Bitcoin saw its best three-day performance since October 27, 2019, researcher Vetle Lunde reports.
BTC seeing its best 3-day performance since October 27, 2019 pic.twitter.com/fU6vOEdOAC
— Vetle Lunde (@VetleLunde) March 14, 2023
Last week, about 80% of the markets still feared a rate hike of 0.5%. Due to the banking crisis, only 73% now expect an increase of 0.25% and 27% even expect a pause. The Federal Open Market Committee (FOMC) takes place next week.
Traders have flipped from pricing in an 80% probability of a 50bp hike at the March 22nd Fed Meeting to a 27% probability of no hike whatsoever. pic.twitter.com/UYstVXDeGj
— Delphi Digital (@Delphi_Digital) March 14, 2023
Bitcoin still fighting at $25,000
Bitcoin was rejected a month ago at 25,000, which coincided exactly with the 200-week moving average. This time the course broke through this limit surprisingly quickly, but is now struggling again. The 200-week exponential moving average (EMA) is currently trading at around 24,930 and the 200-week simple moving average (SMA) is around $25,350. Some analysts are still convinced that bitcoin can hit $28,000 before the weekend, but other analysts are already talking about a possible failed breakout.
#Bitcoin back below the 200-week EMA & SMA. Failed breakout?
— Caleb Franzen (@CalebFranzen) March 14, 2023
#Bitcoin climbs to $26,514 on positive inflation data. Analysts are confident $BTC will close in on $28,000 before the weekend.
On-chain data by @intotheblock reveals 1.82m BTC addresses are in profit, roughly 79%. Note that only 478k addresses are out of the money. pic.twitter.com/ubj1jBg54V
— ErmoFi (@ErmofiNews) March 14, 2023
Gold is also doing well
Gold also performed strongly last week. The gold price rose from €55,250 to a peak of €57,550, an increase of more than 4%. However, the price does make a dive this morning to €56,550, but that may offer new opportunities as demand continues to increase.
Since the financial crisis of 2008, central banks have been heavily stockpiling #gold.
2022 was a record for purchases. I suspect 2023 will be even higher. pic.twitter.com/KFv7EiPYv8
— Shawn Khunkhun (@ShawnKhunkhun) March 14, 2023
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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences.