Crypto momentum returns as Bitcoin price climbs back above $28K

Crypto momentum returns as Bitcoin price climbs back above $28K Bitcoin BTC Bitcoinprice

- The cryptocurrency market resumed its upward trend on Thursday as investors finally got the memo sent yesterday by Federal Reserve Chair Jerome Powell that the central bank’s rate-hiking campaign may soon be nearing its end amid ongoing concerns about the stability of the global banking system.

Data from TradingView shows that after reversing course from its dip below $27,000 on Wednesday, Bitcoin climbed higher throughout the trading day to hit an intraday high of $29,000 before pulling back to support at $28,300, which has been a consistent level of support for the past week.Despite yesterday’s dip, “April Bitcoin futures prices traded higher in early U.S.

“The narrative of Bitcoin as the Safe Haven emerged again, as traditional finance faces instability in the high-interest rate environment,” Youwei said. “The mind battle between Crypto and TradFi is again highlighting the benefits of self-managed money rather than having someone , especially for high net-worth individuals.”

“Therefore, with the narrative and money flow, Bitcoin has been skyrocketing recently, surpassing $28K and only inches away from $29K earlier today, almost doubled from the FTX crash low of $15.8K,” Youwei noted. “This level may sustain for the short term, but what just happened with SEC filing a lawsuit against Justin Sun may cause some selling pressure if the impact spreads.”

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