Bitcoin Hit 9-Month High: Top Reason Why BTC Price Surged Above $27K

On Mar 20, 2023

After closing three continuous weeks in the red, Bitcoin price closed the last week in a solid bullish thesis to hit a nine-month high of about $28,440. Bitcoin price gained more than 25 percent last week after breaking out of a crucial technical and psychological resistance level of around $25k. The rising Bitcoin trajectory has rejuvenated hopes of $30k before $10k in the near term.

As such, the cash flow to altcoins is expected to spike in the coming weeks. Moreover, Ethereum (ETH) and BNB have spiked more than 11 and 15 percent, respectively, in the past week. According to popular crypto analysts Rekt Capital, Bitcoin’s bullish sentiment will hold as long as the $25k macro downtrend breakout holds in the monthly close.

Drivers in Bitcoin Bullish Sentiments

The spike in Bitcoin comes amid a meltdown of the global banking sector and rising inflation. With Credit Suisse saved through government intervention, investors are now confident in Bitcoin’s capabilities to fight inflation.

Larry Fink’s @BlackRock manages $11 Trillion. He said: “At a time when the entire banking system seems to be melting down, #Bitcoin has somehow emerged as a potential safe haven for investors.”
He also said payments and the tokenization of real world assets is the future. $11T
— John E Deaton (@JohnEDeaton1) March 19, 2023

Axel P. Lehmann, Chairman of the Board of Directors of Credit Suisse, said that the UBS merger is the best outcome for all stakeholders at the moment.

“…. This has been an extremely challenging time for Credit Suisse, and while the team has worked tirelessly to address many significant legacy issues and execute its new strategy, we are forced to reach a solution today that provides a durable outcome,” Lehmann noted.

UBS Chairman Colm Kelleher indicated that the acquisition would help advance the company’s agenda and save the financial markets from further catastrophic losses.

“This acquisition is attractive for UBS shareholders, but let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure,” Kelleher noted.