❗ Bitcoin bulls eye $24,000 after SVB shoring-up, but easy money
Cryptocurrencies rose when money was sloshing around cheaply, and suffered when the Federal Reserve began raising rates.
More recently, it tumbled on fears of cash starving at banks, and is benefiting from the shoring up of SVB depositors. The better market mood is helping BTC/USD recover, and it stopped only at the 4h-200 SMA, and after entering overbought conditions. Resistance is 22,612, followed by 23,029 and then 24,000, a double-top. Support is at 22,131, followed by 20,996.
I expect it to fall not only on overbought conditions but also as the collapse of SVB means tighter financial conditions, and less easy money for risky assets like Bitcoin.
More recently, it tumbled on fears of cash starving at banks, and is benefiting from the shoring up of SVB depositors. The better market mood is helping BTC/USD recover, and it stopped only at the 4h-200 SMA, and after entering overbought conditions. Resistance is 22,612, followed by 23,029 and then 24,000, a double-top. Support is at 22,131, followed by 20,996.
I expect it to fall not only on overbought conditions but also as the collapse of SVB means tighter financial conditions, and less easy money for risky assets like Bitcoin.