In response to the banking panic in the United States, the Bitcoin price has risen more than 18% in the last 24 hours. Other cryptocurrencies have also performed quite well
Bitcoin up sharply amid bank panic
The current banking panic and its points of contagion to the cryptocurrency ecosystem could lead to one scenario being feared: the collapse of the Bitcoin price. However, just the opposite has happened over the past few days, and against the backdrop of scepticism towards traditional finance and the risk of stablecoin depeg, BTC is up over 18% in the past 24 hours.
At the time of writing, an H4 chart even shows an increase of almost 24% from Friday’s low of $19,559:
Figure 1 – BTC price in H4 data
As financial analyst Vincent Ganne pointed out this morning to our TCN Research subscribers in his daily market analysis, it was essential to defend this level or risk jeopardizing the uptrend 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 19,800 dollar chart boundary. “
On a weekly chart, this point is even more apparent with the Ichimoku cloud. Indeed, we can see prices drawing a wick under the Kijun (in red), then defending it by closing the week strongly. As for this week’s candle, it has no value as such as it is only Monday:
Figure 2 – BTC price in weekly data
While not all other crypto currencies are on the same page, we can still see some strong performances, especially 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%.
In regards to Bitcoin, there is an important psychological level above $25,000, and while the current signals are certainly encouraging, one should not run headlong into it, as this in no way means that the bear market is over. Nevertheless, the cryptocurrency market has shown its resilience in the face of the banking crisis, and investors have put their faith in one of Bitcoin’s core values: embodying a store of value that does not need a trusted third party.
