• After a short decline, BTC managed to reclaim the $28,000 status. 
• Several market indicators and metrics looked bullish; BTC’s RSI was overbought.

For a short period, Bitcoin [BTC] witnessed a decline in price, which pushed BTC’s value under $27,000 on 23 March. However, the king of all coins showed a speedy recovery and again managed to reclaim the $28,000 mark.

At press time, BTC was trading at $28,064.56 with a market capitalization of more than $542 billion.

Read Bitcoin’s [BTC] Price Prediction 2023-24

What went wrong?

A recent CryptoQuant analysis pointed out a few factors that might have played a role in BTC’s price decline a few days ago. CRYPTOHELL, an author and analyst at CryptoQuant mentioned in his analysis that a reason behind the decline was the Federal Reserve’s announcement of a 25 basis point increase in interest rates.

However, the good news was that Bitcoin continued to gather momentum, signaling that investors saw it as a safe haven and dependable alternative to the traditional financial system.

Additionally, the announcement of a $300 billion fund injection to rescue cash-strapped banks served as a push to, once again, let Bitcoin regain its value.  

Go to Source to See Full Article
Author: Dipayan Mitra

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details