BTC Hits New High as Investors Hedge Against US Financial Instability
19. März 2023
• Bitcoin [BTC] recently made a new high of $26.39K and is now hovering around the $27.30K mark.
• Investors are seeking an alternative to the traditional banking system due to the U.S. bank run and lack of faith in it, which partly fueled this retest of the $26K level.
• Bulls must defend the new support at $27,208 for BTC to continue increasing; otherwise, bears could take advantage if it drops below $27.21K.
Bitcoin Hits New High
Bitcoin [BTC] recently made a new high of $26.39K and is now hovering around the $2730K mark as investors seek alternatives following the U.S. bank run and declining faith in traditional banking systems.
Bulls Defend Key Support Level
To maintain this growth, bulls must defend the new support at $27,208; failure to do so could open up opportunities for short-sellers if BTC closes below 27,21K with additional resistance levels at 28,65K and 29,51K should it continue its upward trajectory.. The Relative Strength Index (RSI) has retreated to overbought zone while On Balance Volume (OBV) made new highs indicating genuine demand for BTC despite increased sell pressure on exchanges as indicated by exchange flow balance data from Santiment signalling more BTCs entering than leaving exchanges .
Uneasiness in U.S Banking Sector
The recent surge in value comes after First Republic Bank faced more trouble highlighting uneasiness in the US banking sector causing some investors to look towards Bitcoin as a safe haven away from potential instability within traditional financial institutions .
Will Bitcoin’s Rally Continue?
If bulls succeed in defending key support levels such as 27,208 then BTC could reach higher prices such as 27757 or 2817k depending on market sentiment however if bears manage to break below 2637k or 2507k then further selling pressure may be expected potentially slowing down progress towards 2398k or even 200 EMA (2306k).
Overall there is still hope that bitcoin can rally again however market sentiment will decide whether this growth continues or not with bullish investor activity likely leading to higher prices and bearish activity leading to lower prices so investors should keep an eye out on how these factors play out before making any decisions about their investments .