Bitcoin (BTC) Turned Green

BTC, which has been at the level of 45,000 since November last year, broke the resistance and made its investors happy with the green color. After 73 days, Bitcoin, which failed to break the level of 45 thousand dollars, reached the level of 47,000.

The cryptocurrency market closed the week with a 15 percent increase with the jump on March 27, 2022, after a long decline. With the rise of Bitcoin (BTC) among cryptocurrencies, it has increased by 13 to 25 percent in the leading cryptocurrencies in the CoinMarketCap ranking, which can be described as major cryptocurrencies such as Ethereum, Binance Coin, Solana, Dogecoin.

US President Joe Biden's statements about the need for government agencies to focus more on cryptocurrencies divided investors. While these statements were perceived as a good sign for digital assets by investors, there were also strategists who thought that it would create downward pressure on BTC.

Bank of America Research Director said, "They will start asking the questions, 'What do we need Bitcoin for?', 'Why do we need a competitor?' All the positive arguments you can make for Bitcoin right now will soon disappear."