Bitcoin price yesterday was fixed at around $ 26,300. Bitcoin’s forecast is moderately conservative. Less than 24 hours after BlackRock filed for a spot bitcoin ETF, Bitcoin topped $26,000 and soared to its highest level in a week.
According to Coingecko, the Bitcoin exchange rate increased by 5%. Bitcoin has been trading between $26,000 and $27,500 over the past few weeks.
Other cryptocurrencies have restored their parameters. For example, SOL, the Solana blockchain token, grew by more than 7%. ADA, MATIC and ALGO, the proprietary cryptocurrencies of the smart contract platforms Cardano, Polygon and Algorand, respectively, grew by 3.5%, 3% and 4.1%.
General situation in the markets and its impact on Bitcoin price
The main stock indexes were trading in a sideways trend: the Nasdaq Composite, focused on technology, rose, and the S&P 500, declined slightly. Nasdaq, S&P 500 and Dow Jones Industrial Average (DJIA) reached a high of 2023. Yields on gold and US Treasury bonds also rose.
A survey by Laser Digital, working for Nomura, the financial center of Japan, showed that pension funds, asset managers, family offices, hedge funds and investment funds in the majority view digital assets as an opportunity to diversify investments (96%).
91% believe that digital assets help to create successful income generation strategies to “cope with the risk of inflation and the risk of depreciation of fiat currencies. 82% have a positive attitude towards the digital asset class in general and Bitcoin in particular. Only 3% of respondents have a negative attitude to the prospects of the crypto sector.
The European Central Bank has raised interest rates by 25 basis points to 3.5%, the eighth time in a row. As a result, interest rates in the region reached the highest level in 22 years. The central bank also said it is considering raising interest rates this year.
Investors will be waiting for key speeches by several members of the Federal Open Market Committee (FOMC), including President of the Federal Reserve Bank of Cleveland Loretta Mester, head of the Atlanta Fed Rafael Bostic and President of the St. Louis Fed James Bullard. So far, against this background, the price of Bitcoin has consolidated above the $ 26,000 mark.
What will be the price of Bitcoin in the short term: Bitcoin forecast
So far, the news background does not suggest serious changes for the cryptocurrency market. Bulls will try to hold the existing level of 26,000 to start testing the mark of 26,700. Most likely, during the next day or two, the price of Bitcoin will remain within 25 700 – 26 700 dollars. Volatility will be low.
