Bitcoin Bounces Back Above $28,000 Amid Market Recovery

    Along with US stocks rallying, Bitcoin held above $28,000 as fears about the banking system faded.

    US Stocks

    US stocks rallied on Wednesday, thanks to a strong rebound in technology stocks that helped the Nasdaq Composite recover from a falling session. Market sentiment was also lifted as concerns around the state of the banking sector eased.

    Ending the session, the Dow Jones increased 323.4 points (equivalent to 1%) to 32,717.6 points; The S&P 500 added 1.4% to 4,027.8 points, and the Nasdaq Composite added nearly 1.8% to 11,926.2 points.

    Big tech shares also rose. Meta and Netflix shares gained more than 2% and Apple gained nearly 2%. Amazon shares jumped more than 3%.

    Shares of regional banks also pumped, with the SPDR S&P Regional Banking ETF up 1%. Shares of major banks like Citigroup and Goldman Sachs also bounced.

    US 10 Year Treasury Yield reached 3.57%, and US 2 Year Treasury Yield rose to 4.09%.

    Bitcoin and Altcoins

    Following the overall market momentum, Bitcoin is currently trading around $28,300 and is getting closer to the $30,000 mark, which is seen as an important sentimental resistance level. Investors expect BTC to reach this level next month.

    BTC 1 hour price chart (Source: TradingView)

    However, some analysts are looking in the opposite direction, even predicting a 45% drop.

    Analyst Capo of Crypto suggested that April will see the Bitcoin price drop below $16,000. The worsening macroeconomic conditions will have some significant impact on prices, he said. He also noted that:

    The altcoin market also rebounded. Mask Network (MASK), Frax Share (FXS), Conflux (CFX), Algorand (ALGO), Stacks (STX), Lido DAO (LDO) are the outstanding projects of the day, up more than 10%.

    Other altcoins like Fantom (FTM), XRP (XRP), ImmutableX (IMX), The Graph (GRT), Loopring (LRC), Render Token (RNDR), Stellar (XLM), Casper (CSPR), Flow (FLOW) also bounced from 6-9%.

    Source: Coinmarketcap

    Ethereum (ETH) broke out of the $1,800 region, setting a local intraday high at $1,825. However, it was unable to hold the price above this zone and quickly corrected slightly, currently trading around $1,785.

    ETH 1 hour price chart (Source: TradingView)

    Most Popular

    Related Posts