❗ Bitcoin rises as money flows to stabilize banks, bulls target
BTC/USD has been one of the biggest winners in the current banking crisis. For those believing in the role of cryptocurrencies as currencies – currently, adoption is meager – issues at traditional banks make digital assets more attractive. A better explanation is that money is that fresh support from central banks means more money in the system.
Moreover, several crypto firms had funds with Silicon Valley Bank (SVB), and once the US government guaranteed the deposits there, Bitcoin and other cryptos could recover.
After surging to 26,546, BTC/USD dropped to 24,000 and now it is rising again. Beyond 26,564, the next level to watch is 27,486, which is a 138.2% extension of the recent range. Support is at 25,295, followed by 24,769 and 24,000. We could see some further consolidation – the 4h-RSI is above 70, thus in overbought territory – but the bullish trend will likely continue.
Moreover, several crypto firms had funds with Silicon Valley Bank (SVB), and once the US government guaranteed the deposits there, Bitcoin and other cryptos could recover.
After surging to 26,546, BTC/USD dropped to 24,000 and now it is rising again. Beyond 26,564, the next level to watch is 27,486, which is a 138.2% extension of the recent range. Support is at 25,295, followed by 24,769 and 24,000. We could see some further consolidation – the 4h-RSI is above 70, thus in overbought territory – but the bullish trend will likely continue.