The world’s most valuable cryptocurrency by market cap, Bitcoin gears up on Wednesday morning in a new sign of hope for upward movement. It briefly touched the $24,000 mark before a slight correction.
This snap upward movement has rekindled hope for a better month for the flagship cryptocurrency and the entire crypto market after gaining more than 35% since the beginning of this year.
Investors King understands that Bitcoin ended February slightly higher (+0.9%, to $23,200) while March is off to a buying start, pushing the price up to $24,000. The digital gold as it is otherwise known is trading at $23,720 at the time of writing this report.
However, despite the snap rally, data shows that March is considered an unpromising month for the top cryptocurrency, having fallen in eight of the last 12 years.
Nonetheless, this March could be different as the strong growth momentum in January and the renewal of local highs in February suggest that the bulls could prevail.
Similarly, a well-known analyst, Bernstein noted that cryptocurrencies’ correlation with the US stock market and macroeconomic events is weakening amid BTC’s current flat move, which is a bullish signal.
Meanwhile, on the other hand, the bears are also not relenting having been able to drag the price downward in the last few weeks. At the moment, Bitcoin is trading below the $24,000 mark again, thereby invalidating the asset’s ability to reclaim $25,000 as the next support level.
With Bitcoin’s momentum stalling partly due to refreshed anxiety around the United States macroeconomic outlook and regulatory scrutiny, the maiden crypto needs sustained buying pressure to reclaim previous highs.
Meanwhile, the Tel Aviv Stock Exchange (TASE) is set to launch cryptocurrency trading, however, with more robust regulation.
TASE said its proposal to cover crypto trading is an attempt to meet the growing demand for crypto while mitigating risks “that are inherent” in crypto activity.