Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Coinpedia Fintech News on May 04, 2023, 12:55:29 PM
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Bitcoin price saw a rebound above $29k on Thursday after the US Federal Reserve announced its third 25 basis point hike on Wednesday. While some banks in the US, such as Silvergate Capital, Silicon Valley Bank, Signature Bank, and First Republic Bank, have faced difficulties this year, larger banks like JPMorgan and Bank of America have benefitted from large deposits.
However, more investors have preferred self-custody through Bitcoin and other digital assets, contributing to the recent increase in their value. The future of Bitcoin's performance remains uncertain, with analysts predicting a recession before the end of the year.
Bitcoin price has consolidated between $30k and $27k since mid-March, and some predict a possible retest of $25k before continuing on its bullish outlook. On the other hand, there is a chance of a breakout toward $33k in the coming days or weeks. Crypto exchange Swyftx's head of market analysis, Tommy Honan, warns of increased volatility in the months ahead, especially in the event of aftershocks in US regional banking or concerns about commercial property loans.