BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Bitcoin Holds Strong Above $26,000 Amid Financial Climate Changes

BlockNews Team by BlockNews Team
September 29, 2023
in Crypto, Finance, Media
bitcoin(s)
Share on TwitterShare on Reddit
  • Bitcoin remains steady, consistently hovering over the $26,000 mark recently.
  • Data suggests minimal resistance against Bitcoin’s growth with potential upward momentum.
  • Bitcoin’s resilience tested in the face of US interest rates surpassing 2%.

Bitcoin has been holding its ground, staying consistently over the $26,000 mark in the recent days. At the start of this week, the cryptocurrency faced challenges, with its value coming close to the $26,000 benchmark, yet managed to remain above it as the week progressed.

New insights from Binance, a top cryptocurrency exchange platform, shed light on possible directions Bitcoin might take. Research by Material Indicators showed there’s a significant $50 million buffer in support bids between the $25,000 level and the current trading value. On the flip side, only $6 million is acting as a potential hindrance, indicating that not much is stopping Bitcoin from climbing higher.

The $24,750 mark holds significance according to Material Indicators. They stressed that it was the cryptocurrency’s lowest value around mid-June. Observers and enthusiasts of Bitcoin are keeping an eye on this level, expecting it to be staunchly defended based on historical actions.

Adding to this, Daan Crypto Trades, a respected market analyst, highlighted two price markers that could steer Bitcoin’s trajectory. He mentioned the 200-week moving average, which is around $28,000, and another pivotal point close to $25,000. He believes that the cryptocurrency’s short-term movements will be majorly influenced by these price ranges.

Expanding the lens to the entirety of 2023, financial commentator Tedtalksmacro projected a favorable road ahead for Bitcoin, noting a potential uptick in the coming months. He discussed the distinctive financial landscape of 2023, including factors like the US benchmark interest rates, which are currently higher than in previous years.

Before 2022, Bitcoin had never operated in a situation where US interest rates exceeded 2%. However, as of the latter months of 2023, the Federal Funds rate is well above 5%. With global central banks keeping a tight rein to manage inflation, this rate is predicted to stay on the higher side.

Backing up Tedtalksmacro‘s optimistic viewpoint, recent statistics show that over the past three years, October has typically been a beneficial month for Bitcoin’s value. This observation was also supported by data sourced from CoinGlass.

Debates Continue Regarding Bitcoin’s Role

The global debate surrounding Bitcoin’s identity – whether it’s a legitimate use case as a digital currency or a “digital gold” asset – remains heated. 

Bitcoin, which launched in 2009 as a decentralized digital currency, has gained considerable attention both from individual investors and institutional entities. Over the years, its use for purchasing goods and services online has expanded. Yet, many are reluctant to label it as a traditional currency.

On one hand, proponents argue that Bitcoin’s decentralized nature and global acceptance make it an ideal solution for cross-border transactions without the need for traditional banking intermediaries. They view it as an evolving currency that can adapt to the digital age.

On the opposite end, skeptics refer to Bitcoin’s volatility and the tendency of investors to “hodl” or hold onto it in anticipation of future value increases, likening it more to gold than to currency. Governments globally are also divided, with regulatory approaches ranging from outright bans to integration into existing financial systems.

As the discussions persist, the quest to define Bitcoin’s primary role in the global economy continues, highlighting the ever-evolving nature of finance and technology.

Tags: Bitcoinmarketmarket research
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Web3 Companies Launch Major Grants to Fuel Crypto Market Growth
Breaking News

Web3 Firms Unveil Grants to Bolster Crypto Ecosystem Following Market Revival

December 7, 2023
Judge Approves Guilty Plea of Binance's Changpeng Zhao
Breaking News

Judge Approves Guilty Plea of Binance’s Changpeng Zhao

December 6, 2023
Google Announces New AI Model Gemini, Here is What you Need to Know
Breaking News

Google Announces New AI Model Gemini, Here is What you Need to Know

December 6, 2023
NeoTokyo The Crypto Gaming Hub
Breaking News

NeoTokyo: The Crypto Gaming Hub

December 6, 2023
Foreign Governments Access Apple and Google User Data: Senator Warns
Breaking News

Foreign Governments Access Apple and Google User Data: Senator Warns

December 6, 2023
Jack Dorsey’s Ocean Mining Shakes Up Bitcoin With Ordinals Censorship
Breaking News

Jack Dorsey’s Ocean Mining Shakes Up Bitcoin With Ordinals Censorship

December 6, 2023
Load More
Next Post
Bitcoin-Coin

Bitcoin Insurance Company AnchorWatch Secures $3 Million to Bring Multisig Mainstream

KeyRock Logo

Market Maker KeyRock Acquires Swiss Anti-Money Laundering Approval

Around the Block

Around The Block: Sept 29 Week in News

Related News

LayerZero Labs

LayerZero Collaborates With Immunefi To Launch A $15 Million Bug Reward To Anyone Who Discovers Vulnerability Of High Severity

May 22, 2023
fantom network

Fantom Starts Paying Developers To Generate Gas Fees

June 7, 2023
Ethereum Coin with Graph

Standard Chartered Predicts Ethereum Price of $8,000 by 2026

October 12, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Web3 Firms Unveil Grants to Bolster Crypto Ecosystem Following Market Revival December 7, 2023
  • Blockchain Technology Spearheads Climate Action at COP28 December 7, 2023
  • Meta Leads the Fight Against AI Misuse with Invisible Image Watermarks December 7, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.