Bitcoin on March 13: Crypto King Takes 25% and Punishes Bears

Banking Sector Crashes, Bitcoin Rebounds – For the past few days, the financial markets have been evolving with a sword of Damocles hanging over their heads: the banking sector is on the edge of the precipice. As he falls, ironically, the Bitcoin climbs above $24,000. In the space of a few days, Bitcoin went from $19,500 to $24,500, exploding by +25% in record time.


Bitcoin price climbs 18% in 24 hours

Bitcoin (BTC) is turning green again, and altcoins are taking advantage to bounce. Despite the context, Bitcoin starts the week perfectly:

Bitcoin price is on the rise.  Bitcoin climbs 18% in 24 hours.
Performance of Bitcoin against different pairs Source: CoincheckUp

King of Cryptos Climbs Nearly 18% in 24 hours against the dollar, it had been a very long time since we had seen such a movement. For the past hour, Bitcoin has been in slight decline, operators are taking profits. The pair BTC/ETH is up 3.35% in 24 hours. For its part, the dominance of Bitcoin increases and evolves around 45%. This shows that capital is moving globally towards the king of cryptocurrencies.

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Bitcoin price stalls on resistance at $23,900

After a slight DETOUR below the bracket at $20,700Bitcoin reacts:

Bitcoin reacts below the support at $20,700.
Price of BTC against the dollar (4H)

Bitcoin’s movement is impressive. We see it, the BTC broke the various resistances in 4 hrs. The resistances to $20,700To $21,500and to $22,500 failed in the face of buying pressure.

For the moment, the price hesitates around the resistance at $23,900. If buyers push, a return to the level of the next resistance at $25,000 seems possible (green arrow scenario). On the other hand, if the price is rejected, and blocks here, the price could join the next rack at $22,500. If Bitcoin is bullish again, it is absolutely necessary hold the last low at $19,500and build troughs and ascending peaks.

The RSI broke the bearish trendline initiated in February, and this brought a lot of volatility. Here again, it will be necessary to build a bullish momentum with troughs and rising peaks.

While the macro economy is still uncertain, BTC takes care of the sellers. The banking sector is faltering, but the king of cryptocurrencies continues to remain strong. The timing is interesting if you believe in decentralization. Bitcoin climbs 25% in just a few days, in a very tense climate on the financial markets. Will its course hold? Will the sellers wake up?

Last Verdict

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