Bitcoin Surges to 39-Week High
• Bitcoin jumps 4 places in global asset rankings, riding high on the Fed’s quantitative easing.
• Bulls ran rampant, pushing Bitcoin to a 39-week high at $26,500 and overtaking Meta, Visa, TSMC and Exxon Mobil in valuation.
• To break into the top 10 global assets and overtake Tesla, the price of Bitcoin needs to increase above $29,500.
Bulls Run Rampant as Market Momentum Picks Up
This week saw the Fed backstop the banking sector under the Bank Term Funding Program (BTFP) with U.S. Consumer Price Index (CPI) data coming in as expected at 6% year-on-year. Crypto markets responded favorably sending Bitcoin higher than it had been since May 13th of 2022 – 43 weeks ago – with three consecutive daily green candles today being March 14th on track to follow suit having posted 32% gains. The Relative Strength Index (RSI) currently shows no easing in momentum having shot from 30 on March 11th to 70 at present shooting straight up through a resistance level set 43 weeks prior.
The Fed’s Dovish Move
The Fed was careful not to frame the BTFP as a pivot from hawkish policy but by definition backstopping banking deposits with liquidity is a dovish move albeit with the mismatch of relatively high rates which Stackhodler put simply „If it walks like a duck and quacks like a duck, it’s probably quantitative easing.“
Bitcoin Valuation Spikes
On March 14th due to buying frenzy Bitcoin’s market cap spiked as high as $512.19 billion though profit taking saw a reversal back down to $502.8 billion at press time still seeing Bitcoin rise in global asset market cap rankings overtaking Meta, Visa, TSMC and Exxon Mobil placing 11th even at lower end valuation significantly behind 10th place Tesla with 65 billion gap separating them both needing Bitcoins price increase above $29500 assuming Tesla’s market cap stays steady at 569billion for top ten placement
With bullish momentum fueling an unprecedented growth that sees BTC jumping four places ahead of some major names in global assets such as Visa or Exxon Mobile this week has solidified Bitcoin’s potential for growth showing no slowing down any time soon despite profit taking though more than likely will be needed for sustainable growth should anyone want their ducks all lined up before investing .