Bitcoin on March 16, 2023 – A safe haven in the midst of a banking crisis? The $25,000 in sight

The dominoes keep falling, one more bank in danger?- After the Silicon Valley Bank, it is the turn of the First Republic Bank to worry the operators. Since the beginning of March, the stock has fallen more than 80%. For its part, the ECB is confident, it has decided to raise rates by 50 bps. Despite the difficulties of some French banks, the ECB does not flinch. After a brief foray below $24,000 for Bitcoin, buyers are showing up and holding price. Will the trend continue?

This Bitcoin price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.


Bitcoin price is up 2.5% in 24 hours

Bitcoin (BTC) holds the shock, it continues to evolve above $24,000 :

Bitcoin price climbs 2.5% in 24 hours.
Performance of Bitcoin against different pairs Source: Coinchecup

BTC climbs by 2.5% in 24 hoursand of 14% In a week. The price shows an increase of 45% in three months. Also, Bitcoin outperforms Ethereumthe pair is showing a rise of 9% in six months. The arrival of the shanghai update on Ethereum could be a game-changer against Bitcoin?

Bitcoin is no longer correlated to other markets?

For the moment, market players consider bitcoin as a risky asset. Because of this, it tends to be correlated with the NASDAQ and the S&P 500. However, since the start of the year, Bitcoin tends to go it alone:

Bitcoin is decoupling from other markets.
Chart showing the correlation of Bitcoin with other markets Source: Kaiko

As we can see, if the correlation of Bitcoin with other markets was very strong during the year 2022, it would seem that the trend will change in 2023. This trend even seems to be accentuated since the beginning of the banking crisis. Since then, is bitcoin acting as a safe haven assetlike gold, in the midst of a banking crisis?

Bitcoin price attacks resistance at $25,000

The lesson bounces at the level of the institutional bias (EMA 9/EMA 18) pointing upwards, the buyers are again attacking the resistance at $25,000 :

Bitcoin needs to break the resistance at $25,000.
Bitcoin price against the dollar (4H)

The price of the king of cryptocurrencies remains solid. If the buyers push, the price has the opportunity to cross the resistance at $25,000. It will then be necessary to use this level as supportto return to the level of the next resistance at $28,500. On the other hand, the sellers could show themselves once again at the resistance level, the price could then reach the rack at $23,900. The price must keep the last low marked at $23,470 to avoid marking a double top in 4 hours.

The banking crisis continues to wreak havoc, the situation does not seem to be under control. Bitcoin was built for these kinds of events, it responds presently. Will the buyers be able to definitively break the resistance at $25,000?

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Last Verdict

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