The price of Bitcoin moved back to over $45,000 this Sunday, the first after March 2. It benefitted from a fresh surge following a month marked by wild fluctuations. The upward movement has held this far and Bitcoin prices breached the $47,000 mark this Wednesday.
Bitcoin witnessed a temporary surge after President Biden signed his far-reaching executive order affecting cryptocurrency on the 9th of last month. Bitcoin prices fell below $40K before again moving north over the last week.
The Presidential executive order was directed at government organizations to plan ahead on cryptocurrency regulations. It has also directed the Treasury to carry on considering plans to issue a digital currency backed by the government.
This is the first move by the White House to regulate the cryptocurrency market which has been a vital element in the European war that carries on causing additional instability in the stock and crypto market.
Bitcoin Breaking The Vital Resistance Of $50K Could Ward Of Multiple Doubts
For Bitcoin, the vital upward resistance is on its way to $50,000. Breaking this point by the second week of April would ward off multiple doubts over the possibility of the traditional cycle not being broken.
BTC is presently down around 3.31% in the last 24 hours and close to 6.51% this week. It now trades at around $43,500.
Bitcoin hasn’t risen above $50,000 since last Christmas. Ethereum has also stuck to a comparable pattern as the crypto market continues to track the traditional stock market of late.
Despite the fluctuations, BTC has stayed above the January low of $34,000, its lowest in the past 6 months. It is at present on a 40% slide over its November 10 record high of $68,000. It was hammered by a lagging job market recovery, soaring inflation, and the signals from the Feds that it was winding down all COVID-19 measures to prop up the economy.
