Bitcoin Jumps to $24K, Will it Reach $25K?
Bitcoin Price Surges to $24,000
• Bitcoin recently crossed the $23k price target and pulled up above $24k.
• Ethereum also saw a surge in value, almost reaching $1,700.
• On Friday, there was some profit booking in Bitcoin and other major altcoins after the interest rate hike by U.S. Federal Reserve.
Reasons for Bitcoin’s Increase
Bitcoin’s recent increase in value coincided with a broad rally in stocks, particularly the Nasdaq, as well as a drop in U.S. Treasury yields and the U.S Dollar Currency Index (DXY). Despite this positive trend, many investors and analysts remain cautious as they anticipate a pullback in prices before stabilization. The day before the jump in Bitcoin value, the Federal Reserve raised its benchmark interest rate which some saw as a dovish move.
Ethereum also saw a surge in value, almost reaching $1,700 – its highest since September – but if it does not break through the resistance level of $1,700 then a correction may occur.
Profit Booking After Interest Rate Hike
On Friday there was some profit booking in Bitcoin and other major altcoins after the interest rate hike by the U.S Federal Reserve; Bitcoin dropped 2% but remained above the $23k mark whereas Ethereum dropped more than 2% but held above the $1k level and other altcoins showed mixed results with some trading lower and others higher whilst total trading volumes were flat slipping only 1%.
Will It Push Back Up?
Investors are now curious as to where bitcoin is headedshort termand whether it will crossthe$25k level anytime soon; howeverit is still too early to tell if it will clear Wednesday’s imbalanceand push back up or not yet further evidence is neededbefore any conclusions can be made on its future trajectory