Bitcoin Holds $28K Fort, Ethereum, Dogecoin Rise: Analyst Sees 'Beautiful' Setup For Apex Crypto As Focus Turns To Fed

Major cryptocurrencies traded in the green on Tuesday evening as the Federal Reserve began its two-day Federal Open Market Committee monetary policy meeting to decide whether to raise interest rates. Cryptocurrency Gains (+/-) Price (Recorded 9:30 p.m.

Timeline of Bitcoin, Dogecoin, Ethereum

Bitcoin price could see a boost amid a widespread financial crisis that has already led to the collapse of several banking giants and put many others at risk, according to Raoul Pal, Real Vision CEO and a former hedge fund manager.

While US Secretary of the Treasury Janet Yellen claims the situation is stabilizing – not everyone in the banking sector is as certain.  Typically considered a mundane sector of finance and investing, US banks have tanked as everyone became aware of problematic balance sheets.

Bitcoin price is trading at more than $28,000 per coin and is up nearly 78% year-to-date in 2023. This could only be a mere glimpse of what's to come, which could ultimately be the biggest rally in crypto in several years – even beating the performance of the 2020 bull run.

Exchanging hands at $27,524 per coin at press time, Bitcoin [BTC] ended last week's trading session with an impressive 35.8% increase in value, causing it to rally out of the deep bear market territory, Glassnode found in a new report.

Bitcoin (BTC) antagonist and former US president Donald Trump has recently been trending widely on social network channels, with many calling for his arrest.  #Arresttrump, a new trending hashtag The hashtag #arresttrump has been trending vastly on Twitter.

On Monday, the non-fungible token (NFT) marketplace Magic Eden announced the launch of Bitcoin Ordinal inscription support. Magic Eden said it has partnered with the wallets Hiro and Xverse to “bring a familiar wallet transaction experience to the marketplace.

On-chain data suggests Ethereum is in a better long-term growth position than Bitcoin and could thus see gains even after BTC's rally ends. Ethereum Exchange Reserve Hasn't Risen That Significantly Yet As an analyst in a CryptoQuant post pointed out, investors have been depositing Bitcoin into exchanges recently.

Ethereum [ETH] made enormous gains on the price charts over the past ten days and surged from $1380 as high as $1840. This measured over 30%, and the higher timeframe bias was bullish.

Bitcoin continues its upward trend as the global banking sector faces a crisis; the cryptocurrency has seen its best performance year to date. The BTC price has been pushing up due to a strengthening in the narratives and could see further upside ahead of a critical macroeconomic event.

According to technical analysts looking at the Bitcoin market on a short-term time horizon, the world's largest cryptocurrency by market capitalization looks like it could be on the verge of a breakout towards the psychologically important $30,000 level and perhaps on towards the next major resistance zone around $32,500-$33,000.