{"id":618599,"date":"2023-03-16T10:52:12","date_gmt":"2023-03-16T15:52:12","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/16\/bitcoin-returns-to-25k-as-credit-suisse-bailout-precedes-eu-rate-hike-move\/"},"modified":"2023-03-16T10:52:12","modified_gmt":"2023-03-16T15:52:12","slug":"bitcoin-returns-to-25k-as-credit-suisse-bailout-precedes-eu-rate-hike-move","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/16\/bitcoin-returns-to-25k-as-credit-suisse-bailout-precedes-eu-rate-hike-move\/","title":{"rendered":"Bitcoin returns to $25K as Credit Suisse bailout precedes EU rate hike move"},"content":{"rendered":"
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Bitcoin (BTC<\/a>) rebounded for a fresh challenge of $25,000 on March 16 ahead of a key interest rate decision in Europe.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Credit Suisse stock up 40% after \u201cdecisive action\u201d<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD gaining almost $1,000 versus overnight lows of $24,229 on Bitstamp.<\/p>\n

The pair remained buoyant as news hit that Switzerland\u2019s central bank was due to inject $50 billion Swiss francs ($53.8 billion) into the embattled Credit Suisse, shares of which added 40% on the day.<\/p>\n

\u201cThese measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,\u201d CEO Ulrich Koerner stated<\/a> in a press release.<\/p>\n

While averting potential catastrophe, the move came in for criticism ahead of a day full of economic maneuvers in Europe and the United States.<\/p>\n

\u201cWhen Swiss banks need bailouts to survive it\u2019s probably a decent time to think about buying,\u201d trader, analyst and podcast host Scott Melker, known as \u201cThe Wolf of all Streets,\u201d commented<\/a>.<\/p>\n

Uncertainty over European economic policy remained, with the European Central Bank (ECB) due to decide on how much interest rates should rise next.<\/p>\n

Just like the Federal Reserve in the U.S., the ECB is caught between alleviating bank stress and keeping a lid on inflation. The day\u2019s hike was previously due to be 50 basis points.<\/p>\n

Twitter macro analytics account Tedtalksmacro noted that Bitcoin might already fall behind equities markets based on the previous day\u2019s performance.<\/p>\n

\n

Strong moves from the 2-year yield + equities during the US cash session yesterday. Is #Bitcoin<\/a> lagging TradFi again? pic.twitter.com\/6xEBQansVO<\/a><\/p>\n

\u2014 tedtalksmacro (@tedtalksmacro) March 16, 2023<\/a><\/p><\/blockquote>\n

In the U.S., the topic of interest was jobless claims, with analysts hoping for an overshoot of expectations to bolster the chances of the Fed pivoting on its own rate hike program.<\/p>\n

\u201cWe are looking for a hot Jobless reports to start plotting an uptrend in Jobless claims. Getting it would increase the probability of the FED pausing rate hikes this month,\u201d on-chain monitoring resource Material Indicators wrote<\/a> in part of the Twitter commentary.<\/p>\n

Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, said the jobs data constituted a \u201cbig day.\u201d<\/p>\n

\u201cLast week we\u2019ve seen the largest jump since October, would be wondering whether we\u2019ll be seeing continuation of that rise, which might mean we\u2019ll have higher unemployment numbers,\u201d he added<\/a>.<\/p>\n

Analysts see encouraging Bitcoin market strength<\/h2>\n

With that, traders were biding their time to gauge the impact of macroeconomic shifts, with BTC\/USD still in a narrower trading range.<\/p>\n

Related:\u00a0Bitcoin to $100K next? Analyst eyes \u2018textbook perfect\u2019 BTC price move<\/a><\/em><\/strong><\/p>\n

\u201cSame update as I was looking at yesterday guys,\u201d popular trader Crypto Tony wrote<\/a> in his latest update on the day. <\/p>\n

\u201c$23,400 stop loss on my existing long position, and looking for shorts if we begin to lose the $22,600 support zone Until the sort of stuck in a sideways motion.\u201c<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/figcaption><\/figure>\n

\u201cBTC Grinding up while spot premium is increasing,\u201d a cautiously optimistic Daan Crypto Trades\u00a0noted<\/a> while eyeing derivatives data. <\/p>\n

\u201cFunding rates already flipping below baseline or into the negative across the board. Looks healthy.\u201c<\/p><\/blockquote>\n

BTC\/USD derivatives data. Source: Daan Crypto Trades\/ Twitter<\/em><\/figcaption><\/figure>\n

Popular commentator Byzantine General meanwhile entertained the prospect of future BTC price dips being \u201cvery shallow.\u201c<\/p>\n

\u201cPrice keeps hugging upper range, perps basis already completely reset, futs basis still hovering around zero and there are lots of spot bids that don\u2019t seem to be going anywhere,\u201d he agreed<\/a>.<\/a><\/p>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n