Despite an ongoing war against cryptocurrency in the United States, the momentum of the bitcoin and cryptocurrency markets is rising.
Financial regulators are rushing to fix the breaches in the leaking vessel as another banking crisis in America gets under way. Attacking one of the few potential options, cryptocurrencies, is a component of their strategy.
This has been amply demonstrated this year with a number of significant enforcement proceedings against the biggest players in the sector. But, so far in 2023, the Bitcoin and cryptocurrency markets have held up well.
Some analysts believe that the price of bitcoin will never again reach its previous cycle low. Following the FTX collapse in late November, this was just under $16,000. The asset has since increased by about 80% to reach its intraday peak.
Bitcoin reached its highest price in nine months. As a result, the leading cryptocurrency by market cap momentarily surpassed $29,000 before reversing course somewhat. At the time of publication, Bitcoin had gained 3.7% on the day and was trading at $28,621.
Also, with a value of 60 today, the Bitcoin fear and greed index has returned to “greed” territory. The next significant resistance level is the $30,000 zone, therefore it’s possible to do so before any market correction.