Bitcoin crossed its highest level in 6 weeks

Bitcoin crossed its highest level in 6 weeks

The Bitcoin crossed the highest level in 6 weeks on Saturday, fluctuating around its important support of $24,000.

The world’s largest cryptocurrency Bitcoin marked the high of $24,608 on Saturday –its highest level since June 14.

All of the people are waiting for the weekly close above 200-weekly Moving Average.

Ethereum, the world’s largest altcoin, made a high of $1.781.37 this week.

However the total value of the crypto market is at $1.1 trillion, but it is still far from its high level of $3 trillion that was in November 2021.

Due to aggressive monetary policy by Federal Reserve, the whole crypto market saw a major decline in recent months.

Although the FED has raised its interest rate a total of 225 basis points since March, many central banks worldwide have also increased their rates, reducing the supply of total money in global markets and also causing some concerns of a recession.

The strong increase in Bitcoin and other cryptocurrencies began on Wednesday when the Fed increased rates by 75 basis points, instead of 100 points, and President Jerome Powell said that “it will probably be appropriate to delay the rhythm of the increases.”

Dovish signals from Powell so far provide some relief for the US stock market index and cryptocurrency.

Bitcoin crossed its highest level in 6 weeks