After closing three consecutive weeks in the red, Bitcoin price closed last week in a strong bullish thesis to hit a nine-month high of around $28,440. Bitcoin price has gained more than 25% in the past week after breaking above a crucial technical and psychological resistance level around $25,000. Bitcoin’s rising trajectory has rejuvenated hopes of $30,000 ahead of $10,000 in the near term.
As such, cash flow to altcoins is expected to increase in the coming weeks. Additionally, Ethereum (ETH) and BNB are up over 11% and 15% respectively over the past week. According to popular crypto analysts Rekt Capital, Bitcoin’s bullish sentiment will hold as long as the macro break down of $25,000 holds at the monthly close.
Bitcoin Bullish Sentiment Drivers
Bitcoin’s spike comes amid a meltdown in the global banking sector and rising inflation. With Credit Suisse saved thanks to government intervention, investors are now confident in Bitcoin’s abilities to fight inflation.
Axel P. Lehmann, Chairman of the Board of Credit Suisse, said the UBS merger is the best outcome for all stakeholders today.
“…. It has been an extremely difficult time for Credit Suisse, and while the team has worked tirelessly to resolve many legacy issues and execute on its new strategy, today we are compelled to find a solution that delivers results. sustainable,” noted Lehmann.
UBS Chairman Colm Kelleher said the acquisition would help advance the company’s agenda and save financial markets from further catastrophic losses.
“This acquisition is attractive for UBS shareholders, but let’s be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction that will preserve the remaining value of the business while limiting our downside exposure,” Kelleher noted.