Home CryptoMarket Bitcoin hits $23.7K as BTC price analyst calls SVB dip ‘bear trap’

Bitcoin hits $23.7K as BTC price analyst calls SVB dip ‘bear trap’

by CryptoFan
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Bitcoin (BTC) hit its highest level since the start of the month on March 13 as US bank stocks experienced the biggest outage in history.

BTC/USD 1-day candlestick chart (Bitstamp).Source: Trading View

BTC Price Sees ‘Amazing’ Rebound

Cointelegraph Markets Pro and TradingView followed a fully bullish 1-hour candlestick for BTC/USD reaching $23,725 on Bitstamp.

The move was eagerly anticipated by market participants, many of whom warned of extreme volatility at the opening of Wall Street.

This has come to fruition, and Bitcoin and Altcoins have benefited from the intense uncertainty surrounding bank stocks, especially as they began trading.

fallout from Two more US bank failures over the weekend were felt not only domestically, but also in Europe, where banks suffered heavy losses.

“Bitcoin big move. Now facing the next resistance zone (couldn’t get $21.6 million),” said Cointelegraph contributor and founder of trading firm Eight. CEO Michael van de Poppe said. reacted.

“The trend is back and it looks like buying dips on S/R flips is the game. If it stalls and consolidates with resistance around $23.3-$23.6K -> altcoins need to continue .”

BTC/USD annotated chart. Source: Michael van de Poppe/Twitter

Trader and analyst Rekt Capital argued that monthly candlesticks would need to close to confirm a long-term trend break, but Bitcoin’s break below $20,000 was a “bear trap.” “It was the week before.”

“The way BTC has recovered in such a short time shows that the drop to $20,000 was a bear trap,” he said. I have written One of many tweets as BTC/USD reaches $23,500.

Rekt Capital called the rise “amazing” in further analysis, adding 18% to the March 10 local low.

“If $22.4k holds as the new lower bound, we need more than that to gain momentum and truly break through the key resistance in the $24.1k to $25k range. ” said trader Gaah. continuation.

“Be careful in the area, as prices could explode further.”

Gaah shared liquidity charts from Caue Oliveira, head of research and on-chain analytics at BlockTrends, a Brazilian cryptocurrency analytics firm.

BTC/USD annotated chart.Source: Cor Oliveira/Twitter

Bank stocks come to a halt as contagion spreads to Europe

Outside of cryptocurrencies, the situation in US stocks is slowly improving, with the exception of some banks.

RELATED: Fed Launches ‘Stealth QE’ — 5 Things You Need To Know About Bitcoin This Week

The day’s worst performers included First Republic Bank, which lost 76% and stopped trading shortly after the opening bell.

Overall, as entrepreneur Brian Roemmele I got itmore U.S. bank stocks were suspended than ever before in history.

In addition to reconsidering the possibility of the US Federal Reserve rate hikes continuing until March 22nd, the market has also reduce The European Central Bank is expected to raise by 0.5% this week.

Among the European losses on the day was the already struggling Credit Suisse, which fell more than 7% at the time of writing to an all-time low.

Credit Suisse daily candlestick chart.Source: Trading View

“The problem with Credit Suisse (and similar companies) is that money market borrowing cannot cover deposit flight. Will the SNB play ball?” said Alasdair Macleod, Goldmoney’s head of research. queried.

The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.