BTC Price Bounces as It Approaches $28K

Bitcoin Resumes Upside Momentum as It Approaches $28K – March 18, 2023

On March 17, BTC/USD bounced back after breaking through the $25,000 and $26,000 as it approaches $28K. The bullish momentum continued as it neared the $28,000 high. The current bullish momentum is putting pressure on the market’s overbought area. The price of Bitcoin is fluctuating slowly because it is currently trading in an overbought region.

Bitcoin Price Statistics Data:•Bitcoin price now – $27,579.10•Bitcoin market cap – $533,167,061,206•Bitcoin circulating supply – 19,320,687 BTC•Bitcoin total supply – $579,508,807,597•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $30,000, $25,000, $20,000

The price of Bitcoin (BTC) has finally broken through the $25,000 overhead resistance . As it gets closer to the $28,000 high, the bullish momentum has accelerated above the $27,000 price level. However, before the uptrend resumes, the BTC price is likely to retrace as the market crosses into overbought territory. On the March i4 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level.The retracement suggests that BTC will increase, but that it will turn around at the level of the 1.272 Fibonacci extension, or $28,354. BTC is currently trading at $27,394 based on price action at the time of writing. On the plus side, buyers want to drive Bitcoin’s price up to the $30,000 psychological threshold. The price of Bitcoin is currently at period 14’s level 71 of the Relative Strength Index. It’s likely that the bullish momentum will slow down.

In Light of the US Credit Crunch, Novogratz Advises Buying Bitcoin

The CEO of Galaxy Digital believes that the US economy will face difficult times but remains optimistic about cryptocurrencies. The time to buy Gold, Silver, and Bitcoin is now, according to Michael Novogratz, founder, and CEO of Galaxy Digital, as the United States is on the verge of a credit crunch. Novogratz predicted that there would be a credit crunch on both the domestic and global levels in an interview with CNBC. He advised you to invest in gold, silver, and Bitcoin. On March 15, Novogratz stated on CNBC’s Squawk Box that a credit crunch is imminent and that indicators like the commodities market are already pointing to a recession because banks typically rebuild capital by lending less. The failure of Silvergate Bank, Signature Bank, and Silicon Valley Bank all occurred in the same week this month, causing turmoil in the American banking industry. Moody’s downgraded the outlook for the American banking system to “negative.”

Following the breakout on March 17, Bitcoin has since resumed its steady upward movement as it approaches $28K. The bullish momentum may continue despite the overbought condition of the cryptocurrency asset. In a market that is strongly trending, an overbought condition may not hold. The largest cryptocurrency is about to reclaim the psychological price level of $30,000.

Alternatives to Bitcoin

Bitcoin is on its way to the psychological price level of $30,000 after rallying above $27,000. Similar to how Bitcoin has remained bullish, other cryptocurrencies and tokens are rising. However, as we enter the bull market, now is a good time for investors to buy Love-Hate Inu tokens (LHINU). The tokens allow investors to cast votes and earn cryptocurrency. A voting system built on a blockchain can use a meme token called Love Hate Inu. A secure and public platform can be used to cast votes on significant issues. One can stake their vote. A staking mechanism protected by smart contracts that prevents spam and manipulation makes the voting process both verifiable and anonymous. Up until now, about $1.5 million has been raised.

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