❓What to expect from Bitcoin?
📈On Wednesday, the price of Bitcoin recovered as all attention in the market was focused on the decision of the US Federal Reserve. After hitting a local minimum of $27,935 on Tuesday, Bitcoin rose to an intraday high. This happened after the rejection of a breakthrough below the long-term minimum of $27,600 earlier this week.
📊Currently, the price of the first #cryptocurrency is in the range of $28,000 - $30,000, and there are no factors yet to start a price hike.
▫️Bitcoin Dominance: 48.47%;
▫️Fear and Greed Index: 64 (Greed);
▫️Altcoin Season Index: 10;
▫️#Cryptocurrency Market Capitalization: $1.164 trillion.
🏦Meanwhile, the US banking system is plunging deeper into crisis. Liquidity problems have arisen at a number of banks, such as PacWest Bancorp and Western Alliance Bancorp. They have suspended stock trading and are already preparing #bankruptcy statements. A massive outflow of funds from other regional banks has also been recorded.
💸Mass transfers of funds to large banks are an additional indicator of growing distrust in the US banking system. The main beneficiary has become #JPMorgan, which allowed its clients to invest in cryptocurrencies.
🪙Bitcoin, in turn, demonstrates stability amid the crisis. It continues to be attractive to investors, despite not being able to overcome $30,000 yet.
✨Overall, the situation in both the cryptocurrency market and the stock market remains uncertain. To some extent, cryptocurrency still depends on the Federal Reserve. Long-term forecasts for Bitcoin, as well as for any other cryptocurrency, are impossible to make because too many factors can suddenly affect the cryptocurrency price.
💫For now, the short-term forecast for Bitcoin is that the price is likely to stay in the range of $27,500 to $29,500 over the next two days.
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