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Bitcoin price reclaims $29,800, Driven By these Factors

The Bitcoin price regained the $29,000 mark today for the first time since last Thursday. The decisive impulse was provided yesterday by the report that with First Republic Bank the next big bank in the US is about to be seized by the US Federal Reserve and FDIC. As was the case after the collapse of Silicon Valley Bank, the news triggered a rally for Bitcoin that initially catapulted the price above the crucial $27,800 resistance level before a brief consolidation and the continuation of the price surge took place. With the reaction, Bitcoin is strengthening its digital gold narrative.

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