BTC has held the $28,000 support even after the latest 25 bps hike from the US Federal Reserve. Is it the time for bulls to come into action?
BTC has recently shown some interesting price fluctuations in the past few months. In the latest development BTC has been holding over the $28,000 support level even after a 25 basis points (bps) interest rate hike from the US federal reserve. The data from a few reports suggest that Bitcoin could now be in a bull market soon.
After the collapse of Silicon Valley, Signature and SilverGate bank. Investors are more optimistic about the decentralized financial system rather than the traditional one. Recently, Credit Suisse's collapse made BTC spike and it jumped to almost $29,000. This is yet another sign that shows BTC is about to enter into a bull market.
The amount of BTC held by the users reached a 5-year high of 7.5B BTC. The activity on the blockchain network has surged as well, mainly because of inscriptions and ordinals.
As of now, at the time of writing this article, BTC is trading at $28,100 and has jumped by 1.56% in the last 24 hours. BTC currently has a total market capitalization of $540 Billion.
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