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Bitcoin spikes to 9-month high as central banks increase liquidity to mitigate banking crisis

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Bitcoin (BTC) broke through resistance levels that have held strong for almost a year on March 20 — hitting a nine-month high of $28,400.

The recent price growth came after the Federal Reserve announced that it has partnered up with major central banks around the world to support dollar cash flow “to ease strains in global funding markets.”

Central banks unite

The Federal Reserve said on March 19 that it would take coordinated action with other central banks offering U.S. dollar operations — namely the European Central Bank, the Bank of Canada, the Bank of England, the Bank of Japan, and the Swiss National Bank — to ensure the supply of credit to households and businesses remains unaffected.

The central banks will increase the frequency of seven-day U.S. dollar maturity operations from weekly to daily starting March 20.

The swap lines will remain active until at least the end of April, according to the press release.

Markets expect regulators will also slow down their rate hikes amid the banking crisis that has claimed multiple U.S. banks and Credit Suisse, so far.

The last time central banks introduced such levels of liquidity into funding markets was at the start of Covid-19 lockdowns and analysts expect Bitcoin to continue its surge as the excess money pumped into the economy makes its way into the asset.

Renewed interest in BTC

BTC is now up more than 28% over the past week and trading at $28,290 as of press time. The troubles in the traditional banking system seem to have shaken up trust in traditional assets and more money is starting to flow into Bitcoin.

According to CoinGlass data, open interest in Bitcoin futures hit $12 billion over the weekend which points to renewed interest in the flagship cryptocurrency.

The $12 billion is a yearly high and might be the precursor to a new bull run driven by the extra liquidity that central banks will introduce into markets in the coming weeks.

Meanwhile, most altcoins are experiencing a similar pump, with most of the top ten cryptocurrencies by market cap posting gains between 5% to 15% over the past week.

BTC has gained the most out of major cryptocurrencies in the last seven days showing its resilience to turmoil and instability in financial markets. Recent weeks are a testament to Bitcoin steadily becoming the “safe haven” asset it was created to be.

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Bitcoin surges 10% hitting 9-month high

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The recent surge of Bitcoin above a resistance level that dates back to August 2022 has strengthened the possibility of a continued rally, with $28,000 now in view.

Bitcoin Breaks Major Resistance Level and Sets Sights on $28K

Bitcoin’s upward momentum shows no signs of slowing down as the top cryptocurrency surged past a key resistance level on Friday during Asian trading hours. The breach of the resistance level dating back to August 2022, which also had limited gains last month, has shifted the focus to the next technical hurdle above $28,000.

Markus Thielen, Head of Research and Strategy at Matrixport, a crypto financial services firm, told CoinDesk:

“Bitcoin has now the chance to climb to the next technical level, which is at $28,000.”

He also noted that within larger price swings, bitcoin has rallied, reacted, and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28k.

Read more: Bitcoin open interest drops almost 15% in the past two weeks

Riding a 39-week high, the price of Bitcoin has surged from $19,000 to $26,000, all while witnessing the unwinding of leverage and the total value of all cryptocurrencies now at $1.14 trillion, analysts believe the price of Bitcoin is likely to remain bullish.

In addition to technical indicators, Bitcoin’s movement also seems to correlate with rate-sensitive technology stocks. Wall Street’s tech-heavy Nasdaq index rose 2.6% on March 16, confirming a bullish pattern on the daily chart.

The latest surge in Bitcoin’s price will likely reignite debate over the cryptocurrency’s volatility and prospects. However, with a major resistance level now cleared, Bitcoin’s upward trajectory appears to be at least solidified into the weekend.

Read more: Stealth QE: Feds balance sheet grows $300B, Bitcoin breaks $26,000

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 10.09% over the past 24 hours. BTC has a market capitalization of $531.19 billion with a 24-hour trading volume of $51.72 billion. Learn more ›

BTCUSD Chart by TradingView

Bitcoin On-Chain Analysis

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.17 trillion with a 24-hour volume of $86.13 billion. Bitcoin dominance is currently at 45.46%. Learn more ›

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