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Bitcoin briefly breaches $26.4k only to tumble as prices fall again
Bitcoin's short-lived gains — which broke multiple resistance levels — represented a seven-month high before falling.
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Cover art/illustration via CryptoSlate. Image includes combined content which may include the use of AI tools.
The price of Bitcoin briefly surpassed $26,400 on March 14 around 1 p.m. UTC — representing an approximately seven-month high. The cryptocurrency last saw a comparable market value in August 2022.
However, BTC has since fallen and is now valued at around $24,500 as of 9:30 p.m. UTC on March 14 — a value last seen at various points in February and on March 13.
It is unclear what caused Bitcoin's value to suddenly fall. However, the collapse of Silicon Valley Bank and the later closure of Signature Bank have dominated the news. Though those closures occurred days ago, ongoing uncertainty likely continues to negatively influence investor sentiment. This has likely affected market prices in turn.
On the other hand, government recovery plans around those banks may be one factor that has encouraged investors to buy back into the cryptocurrency market. Though today's price gains were short-lived, the positive news was announced just prior to the rally.
Bitcoin and Ethereum are down 1.6% and 1.3% over the past hour, respectively. Bitcoin is up 8.9% over the past week, while Ethereum is up 7.6%. Both are up 1.5% over the past hour.
The crypto market in its entirety is up 0.7% over 24 hours and has a market cap of $1.12 trillion.
