In response to the bank panic from the United States, the price of Bitcoin has offered an increase of more than 18% in the last 24 hours. On its behalf, other cryptocurrencies have put up many honorable performances.
Bitcoin thrives amid banking panic
The current banking panic and its contagion towards the cryptocurrency ecosystem could make a case for fear: Bitcoin price crash. However, the opposite has happened in recent days, and against a backdrop of skepticism about traditional finance and the high risk associated with stablecoins, BTC is up more than 18% in the last 24 hours.
At the time of writing, the H4 data chart even shows an increase of almost 24% from 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 necessary to protect this level which is at risk of questioning the upward trend that has been increasing since the beginning of the year:
“In the end, in weekly data, what we see is that the essential is preserved, it was a graphic limit of 19,800 dollars. »
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On a weekly chart, this point is even clearer with an Ichimoku cloud. Indeed, we can see that the prices are pulling a wick under the Kijun (in red), then protect it by closing the week with energy. As for this week’s candle, it has no value as it is only Monday:
Figure 2 — BTC price in weekly data
If all other cryptocurrencies are not in the same boat, we can still notice some good performancesespecially 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%.
For Bitcoin, there is an important psychological level above 25,000 dollars, and if the current signals are sure to encourage, it will be advisable not to rush headlong, because this does not mean that the bear market is over. However, the cryptocurrency market showed its resilience in the face of the banking crisis, and investors put their trust in one of the fundamental values of Bitcoin: the incorporation of a store of value that does without a trusted third party.
👉 Also in the news – SVB and Signature banks reduced – They are fed by money printing
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