Hassan Maishera
TLDR;
- Bitcoin could surge past the $26k resistance level after dropping below $25k earlier this week.
- The crypto market gets relief as the European banking crisis eases for now.
Bitcoin Eyes The $26k Level Once Again
Bitcoin dropped below the $25k level earlier this week following the crisis that rocked Credit Suisse after the Saudi National Bank announced that it would not increase its investment in the financial institution.
The news saw billions of dollars wiped out from the cryptocurrency ecosystem within a few hours. However, Bitcoin maintained its price above $24,500 after the Swiss National Bank averted the crisis by agreeing to lend Credit Suisse $50 billion.
Market sentiment across the board improved and saw Bitcoin rally to the $25k level. Bitcoin is now eyeing the $26,093 resistance level as investors’ hope rose that the US Federal Reserve would adopt a more dovish stance at its upcoming rate-setting meeting.
The largest cryptocurrency by market cap is trading at $25,791, up by more than 5% over the last 24 hours. The cryptocurrency could rally past the $26k level over the next few hours amid renewed market optimism about the United States banking sector and the Federal Reserve potentially suspending its current regime of interest rate hikes.
Ether, Others Also Recover
The recovery is not limited to Bitcoin alone, as altcoins have also performed well over the past 24 hours. Ether held its ground above the $1,600 level earlier this week and is now trading above $1,700 per coin, up by 4% over the last 24 hours.
BNB, the native token of the Binance ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. At press time, BNB is trading at $331 per coin.
XRP, Dogecoin, Cardano, and MATIC, are all trading in the green zone as the market sentiment improves across the board.
