Skip to content

Bitcoin Price Stabilizes Around $28K Amid Banking Crisis

Bitcoin's price is centering on the $28,000 mark as Deutsche Bank shares decline following Credit Suisse's recent struggles. The cryptocurrency continues to hold onto recently regained support despite ongoing turbulence in the banking sector.

Bitcoin logo
Bitcoin logo

BTC Traders Remain Positive About Long-term Growth

At the Wall Street opening on March 24, Bitcoin (BTC) hovered around the $28,000 mark. Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair losing momentum and hitting daily lows of $28,001 on Binance. Despite this, traders remain optimistic about Bitcoin's long-term trend.

Federal Reserve Interest Rate Hike Impacts BTC Movement

The Federal Reserve increased baseline interest rates by 0.25% on March 23, causing uncertainty among risk assets. Mixed comments from Chair Jerome Powell contributed to Bitcoin's indecision, with analysts divided over the cryptocurrency's future price direction.

Analysts Stay Bullish Despite Potential BTC Price Drop

Crypto Tony and Rekt Capital expressed their positive outlook for Bitcoin, while Credible Crypto suggested that a drop to $23,000 wouldn't necessarily break the current bullish trend. According to Credible Crypto, a period of choppy price movement could be beneficial before the rally continues.

Deutsche Bank Share Drop Follows Credit Suisse Troubles

Short-term sentiment has been impacted by a temporary trading outage on Binance, the largest global exchange, which briefly halted spot trading. Meanwhile, Deutsche Bank's share value dropped just days after Credit Suisse experienced a takeover and government bailout, fueling concerns about the ongoing U.S. banking crisis. At the time of writing, Deutsche Bank shares (DBK) were down nearly 10% on March 24.