Bitcoin [BTC] bounces back: All you need to know as king coin crosses $26k
During the intraday trading session on 14 March, Bitcoin [BTC] momentarily traded at a staggering high of $26,500 for the first time since August 2022. The rally in price was due to the positive sentiment that lingered in the market as many expect potential US interest rate cuts.
Read Bitcoin’s [BTC] Price Prediction 2023-2024
After trading below the $20,000 price mark last weekend following the collapse of Silicon Valley Bank (SVIB), BTC regained its momentum and rallied after Federal Regulators confirmed that they would make SVIB depositors whole.
BTC has since clinched important milestones on-chain. Per data from on-chain data provider Santiment, during the trading session on 14 March, BTC whales made the highest count of transactions exceeding $1 million since November 2022.
An increase in whale transactions is a great indicator of bullish sentiments in the market. If momentum is sustained, further price growth is guaranteed.
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