The positive performance of Bitcoin (BTC) over the past two weeks has put an end to investor worries, thus erasing a record of losses throughout 2022.
Starting March 14, BTC recorded a jump of more than 28% in just two weeks before touching the price level of $ 48,247 yesterday.
At the same time, BTC also rose more than 4% throughout the year, as did a nearly 5% jump in these assets for the S&P 500.
Miller Tabak + Co. analyst Matt Maley thinks there will be a bullish if Bitcoin price is able to survive at this level before recording more gains.
Meanwhile the president of Bensignor Investment Strategies, Rick Bensignor believes Bitcoin is ‘warming up the engine’ to skyrocket.
Bitcoin Price Impact Details
The performance of this crypto king plummeted as the United States Treasury (US) and several central banks acted to raise interest rates to address the effects of the COVID-19 pandemic.
This result resulted in a lack of cash flow into risky assets, including cryptocurrencies.
Cryptocurrencies have come under close scrutiny following concerns if Russia uses these assets to evade imposed economic sanctions.
Even so, Russia eventually really chose to use crypto for the purchase of oil and gas.
If observed on the Bitcoin analysis chart, this asset tested the $ 45,000 level five times before consolidating on March 27 to the present day.
The fear & greed index also carried signs that investors were in greed with a value of 56, changing from fear with a value of 26 recorded last week.
However at the time of writing, a BTC unit was trading at $ 47,494.08, down 1.35% from yesterday’s daily high, but still remaining up 1.5% in 24 hours.
