The largest crypto, Bitcoin (BTC), crossed its 50-week moving average with a 70% price increase since the start of the year.
- Bitcoin price climbed about 27% in the last seven days.
- BTC trading in rage between $27K to $28K.
The largest cryptocurrency market player, Bitcoin (BTC), started to outperform the market as a result of the failure of major banks like Silicon Valley Bank and Credit Suisse, which affected confidence in traditional financial institutions. Also, Bitcoin’s double-digit surge this year has surprised the crypto community.
BTC began mid-March with super hikes, and its price climbed by over 33% from $19K to $29K in just 14 days. Bitcoin witnessed a strong weekly close that keeps $30,000 out of reach. Also, the market leader crossed the 50-week moving average, indicating a buy signal, as per Tradingview.
Bitcoin’s Price Line
Bloomberg Intelligence believes that the banking crisis may be the “catalyst” for the next cryptocurrency bull run, in which Bitcoin is likely to beat all other cryptocurrencies. As the global crypto market looks for a new direction and crypto prices skyrocket, that lead is capped at $1.16 trillion.
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