Bitcoin’s price briefly spiked above $29,000 on March 30, setting new nine-month highs before quickly retreating back to around $27,600. The move was described as a “deviation” by some market participants, who dismissed it as a fakeout. Despite the short-lived spike, Bitcoin’s price has been showing relative strength in recent days, with the cryptocurrency trading within a tight range.
However, some market analysts are calling for caution, as the cryptocurrency has yet to decisively break through key resistance levels. Meanwhile, there has been a surge in institutional interest in Bitcoin, with major banks and investment firms announcing new initiatives related to cryptocurrencies. This growing interest from institutional investors is seen as a positive sign for the cryptocurrency market’s long-term prospects, as it suggests that more mainstream adoption of digital assets is on the horizon.