Bitcoin drops back below $25,000 after best three-day performance since 2019

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).

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.

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.

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.

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.

What makes investing in gold even more attractive at the moment is the fact that GoldRepublic gives new users a nice gift: 1 gram of gold worth about 56 euros! If you now create an account with GoldRepublic and buy 100 euros worth of gold, silver or platinum, you will receive this gram of gold on your account.

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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.

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