Bitcoin on March 17: + 6.5% for the price of BTC in 24 hours

Buyers go on the attack again – End clap for Silicon Valley Bank (SVB), which is placed under Chapter 11 bankruptcy protection. For its part, Bitcoin has the possibility of closing above $25,000, for the first time since June 2022. The resistance at $25,000 seems to be broken, the price is heading towards the next resistance.

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


Bitcoin price climbs 6.5% in 24 hours

Bitcoin (BTC) is solid, it continues to display green. Against the dollar, BTC has been up in all time units for the past six months:

Bitcoin price is up 6.5% in 24 hours.
Performance of Bitcoin against different pairs Source: Coinchecup

In 24 hours, Bitcoin is up by 6.5%and the price climbs more than 30 % In a week. Over the past three months, the price has risen by 58%. For now, Bitcoin continues to outperform Ethereum. Indeed, in 24 hours, the pair is up 2.85%.

The price of Bitcoin is increasingly correlated to the dollar

In yesterday’s edition, we saw that Bitcoin was less and less correlated to the US market as well as to the European market. Thanks to this new graph, we notice that Bitcoin tends to be more and more correlated to the dollar :

Bitcoin is increasingly correlated with the US dollar.
Correlation of Bitcoin with the US dollar Source: Kaiko

The dollar is considered a safe-haven asset, like gold. For several months, and especially since the beginning of the banking crisis, Bitcoin is approaching the behavior of a safe haven asset.

Bitcoin price above $26,400, next resistance at $28,500?

Bitcoin has broken out of the resistance at $25,000buyers have their hands on the course:

In 4H, the price of Bitcoin confirms by closing above $26,400.
Bitcoin price against the dollar (4H)

Bitcoin price closes above last high at $26,400. A fence which thus makes it possible to confirm the trend in 4H, continuing to show bottoms and rising tops. As long as the level of bracket at $25,000 is kept, the price can climb until the next resistance at $28,500. The institutional bias (EMA 9/EMA 18) is bullish. He could act as dynamic support.

ROI bouncesbut a bearish divergence could be set up. To confirm it, the RSI will have to fall below 60. A fence above 79 could announce continuation.

Bitcoin is having a bullish week, it is up 32%. It climbed 6.5% in 24 hours. In recent months, the behavior of Bitcoin has changed. Indeed, it would seem that it is decorrelated from risky assets (US market), in favor of safe-haven assets such as gold and the dollar.

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Last Verdict

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