Bitcoin (BTC) Has Broken the Macro Downtrend, Surging above $27K as History Repeats Itself
Bitcoin’s price increased by 30% last week to close at $28,000, while the overall market capitalization of cryptocurrencies increased by 14% over the course of the week to $1.17 trillion, according to CoinMarketCap, making it the biggest week ever for cryptocurrencies in the longest time.
UBS Group, the largest bank in Switzerland, signed a merger agreement with Credit Suisse. In order to complete the transaction, the former will pay $3.25 billion, which is 60% less than what Credit Suisse was worth at the end of the previous week. Positively impacted by the news, Bitcoin surpassed $28,500 for the first price since June 2022.
The fundamental set-up of Bitcoin has always included a bias for it to increase and Rekt Capital, a cryptocurrency analyst, highlighted the recent rising pattern by showing how Bitcoin has broken the macro decline and repeated history.
Over the past few weeks, a lot of things have happened that have contributed to Bitcoin’s rise. While Wall Street’s financial difficulties are a common scenario that is meant to create anxiety in the market, investors instead went on an accumulating rampage since the asset was considered a safe haven.
Since the start of 2023, bitcoin’s price has increased by around 70%, soaring amid the current global banking crisis. The largest cryptocurrency in the world has increased overall by 30% over the last week and roughly 57% so far this year and is very close to reaching its highest point since June 2022.
As a result of sustained growth, it presently holds a 46% market share over other digital currencies. As a result, a lot of altcoins have continued to maintain a very strong and positive association with Bitcoin. Most of the altcoins are currently trading in green.