In response to the banking panic from the United States, the price of Bitcoin has offered an increase of more than 18% over the last 24 hours. For their part, other cryptocurrencies have also posted quite honorable performances.
Bitcoin surges amid banking panic
The current banking panic and its contagion points towards the cryptocurrency ecosystem could raise fears of a scenario: Bitcoin price crash. Yet, quite the opposite has happened in recent days, and against a backdrop of skepticism towards traditional finance and the depeg risk of stablecoins, BTC is up more than 18% in the last 24 hours.
At the time of writing, an H4 data chart even shows an increase of almost 24% since Friday’s low point at $19,559:
Figure 1 — BTC price in H4 data
As financial analyst Vincent Ganne pointed out this morning to our Cryptoast Research subscribers in his daily market analysis, it was essential to defend this level at the risk of calling into question the upward trend that has been building since the beginning of the year:
“In the end, in weekly data, what we see is that the essential has been preserved, it was the graphic border of 19,800 dollars. »
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On a weekly chart, this point is even more obvious with the Ichimoku cloud. Indeed, we can see the prices draw a wick under the Kijun (in red), then defending it by closing the week with vigor. As for this week’s candle, it has no value as such since it is only Monday:
Figure 2 — BTC price in weekly data
If all other cryptocurrencies are not in the same boat, we can still note some good performancesnotably in the current Top 10 by capitalization:
- Ethereum (ETH): +14.4%;
- BNB: +12.7%;
- Cardanon (ADA): +14.2%;
- Polygon (MATIC): +9.4%;
- Dogecoin (DOGE): +10.7%.
Regarding Bitcoin, an important psychological level is above 25,000 dollars, and if the current signals are certainly encouraging, it will be advisable not to rush headlong, because this does not mean that the bear market is over. Nevertheless, the cryptocurrency market has shown its resilience in the face of the banking crisis, and investors have placed their trust in one of Bitcoin’s fundamental values: embodying a store of value that does without a trusted third party.
👉 Also in the news — Collapse of SVB and Signature banks — Fed to the rescue with money printing
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