Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only
- Bitcoin made a new high recently.
- The bulls were resilient despite the persistent selling pressure.
bitcoin [BTC] Re-testing the $26,000 price level twice within a week. Investors partially fueled the retestSearching for alternatives after the American bank ran out and the decline in confidence in the traditional banking system.
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At press time, BTC is worth $27,30,000, and it is hovering around the June 2022 price level. Likewise, the move comes after First Republic Bank had more trouble highlighting concerns in the US banking sector. Could BTC’s rally be a flight to safety for investors hedging against financial instability in the US?
New Height – Is it high enough to prevent falls?
BTC broke below $25k amid heightened market uncertainty exacerbated by the US banking influence. But BTC rebounded from $20k and cleared the barrier at $22k.
The sovereign currency was temporarily constrained in a range of $23.98K-$25.07K and surpassed it last week (March 14), hitting a new high of $26.39K after assurances from US regulators that depositors in troubled banks would be full.
At press time, BTC reached the $26K region and closed above it, taking it to a new high in the $27K region. If the bulls defend the new support at $27,208, BTC could retest $27,757 or rise to $28.17K. The other major resistance levels are $28.65K and $29.51K.
Alternatively, short sellers can get leverage if BTC closes below $27.21K. But the bears need to clear the barriers at $26.37K and $25.07 to affect the bullish sentiment.
A break below the 26-period moving average ($25.29K) could lead to more aggressive selling. However, the decline is likely to slow down to $23.98K or the 200 EMA ($23.06K).
The Relative Strength Index (RSI) has slipped into the overbought territory, indicating increasing buying pressure. Likewise, OBV (on balance volume) has made new highs, indicating real demand for BTC.
Sentiment was positive although selling pressure increased
The BTC exchange flow balance was very positive on March 17, showing more BTC flowing into exchanges than outwards, indicating increasing selling pressure as BTC retested previous resistance at $26.37K.
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Likewise, the supply on the stock exchanges increased further, adding to the continued selling pressure on March 17th. However, at the time of writing, the metric is down slightly, and the weighted sentiment has also improved, confirming investor confidence in BTC despite the ongoing selling pressure.