Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.
- Bitcoin recently reached a new high.
- Despite the selling pressure, the bulls held their ground.
Bitcoin (BTC) It retested the $26K price level twice in one week. Inverters Partially Powered BackAmerican banks are looking for alternatives after being deteriorated and losing faith in the traditional banking system.
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At press time, BTC was valued at $27.30K, hovering around June 2022 price levels. Similarly, the move comes after First Republic Bank faced more issues that highlighted unease in the banking sector. Could BTC’s Rally Be a Flight to Safety for Investors Hedging Against US Financial Volatility?
A new height: is it enough to stop the fall?
BTC breaks below $25K amid increased market uncertainty due to US bank run. But BTC rallied from $20K and crossed the barrier to $22K.
King Coin was temporarily capped within the $23.98K – $25.07K range and topped out last week (March 14), hitting a new high of $26.39K after assurances from US regulators worried US depositors. banks.
At press time, BTC reached the $26K region and closed above it, setting it at a new high in the $27K region. If the bulls defend the new support at $27,208, BTC could retest $27,757 or surge to $28.17K. Other major resistance levels are found at $28.65K and $29.51K.
Alternatively, short sellers can take profit if BTC closes below $27.21K. But to make a dent in the bullish sentiment, the bears need to clear the hurdles of $26.37K and $25.07.
A break below the 26-period EMA ($25.29K) could attract more aggressive selling. However, the decline can slow towards $23.98K or the 200 EMA ($23.06K).
The Relative Strength Index (RSI) has retreated into the overbought zone, highlighting the mounting buying pressure. Similarly, OBV (On Balance Volume) reached new highs, showing real demand for BTC.
Sentiment was positive despite mounting selling pressure
BTC’s trade flow balance was very positive on March 17, indicating that more BTC flowed into exchanges than out, signaling further selling pressure as BTC retested previous $ resistance. 26.37K.
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Similarly, supply on the exchanges increased further, creating selling pressure on March 17. But, at the time of writing, the metric is slightly down and sentiment-weighted has also improved, reiterating investor confidence in BTC despite selling pressure.