Bitcoin (BTC) Surpasses $26,000: Is $30,000 in the Cards?

Vignesh Karunanidhi
Source: Forbes

For the cryptocurrency market, including Bitcoin and other cryptocurrencies, the last few days have been pretty difficult. The rippling effects of the collapse of cryptocurrency-friendly banks like Silvergate, Silicon Valley Bank, and Signature Bank were felt throughout the market.

Also read: Cardano ADA Price Prediction: Mid-March 2023

Despite the market tension, cryptocurrencies have put on a great show, with major coins displaying double-digit gains from yesterday. Bitcoin, among the lot, put on the best show as it surpassed $26,514 from a 24-hour low of $23,642.

Source: CoinMarketCap

Bitcoin reacts to CPI data

With the latest CPI data out, the cryptocurrency market has reacted in a positive manner. BTC is up by 8% in the last 24 hours and is trading at $25,947. The market cap is also up by 8.17%. BTC is also up by 17.15% over the last seven days. ETH is no exception, as it rose by 15.2% over the same period.

Data from IntoTheBlock also reveals that the on-chain ownership indicators denote BTC, pointing to a little selling pressure when BTC touches $30k.

The positive rally of the cryptocurrency market is exhibiting a bullish market. The global cryptocurrency market cap has also spiked by 12.15% in the last 24 hours. It currently stands at $1.14 trillion, according to the latest data from CoinMarketCap.