Bitcoin

Bitcoin Jumps Over $28K, Just As Predicted!

Key Points:

Bitcoin price rises over $1,000 in response to First Republic Bank shares collapse.
Traditional banks struggling with liquidity and insolvency, Bitcoin benefits.
Holding crucial support line instills confidence in crypto bulls to push prices higher.

Bitcoin price has been on an uptrend throughout 2023 following historic bank runs.

Source: CMC

While it recently faced rejection from above the key $30,000 level, the top cryptocurrency has now risen more than $1,000 intraday to over $28,000 per coin after First Republic Bank shares collapsed. This sudden surge in BTC’s price is indicative of a broader trend – continued crisis in the banking sector could strengthen the increasingly positive price action.

In fact, over the past few months, traditional banks have been grappling with serious issues of liquidity and insolvency, which has had a knock-on effect on other areas of the economy, including Bitcoin. For instance, in early March, Silicon Valley Bank and others experienced widespread bank runs, leading to a 40% increase in BTCUSD in just a few days.

With First Republic Bank’s shares plummeting and more than $100 million in deposits fleeing the bank, Bitcoin is again soaring. While a $1,000 move is certainly notable, the fact that Bitcoin is retesting and holding a crucial support line is even more significant. This could instill confidence in crypto bulls to push prices higher, making pullbacks much less pronounced. In fact, shallow corrections are a sign of buying pressure and demand.

Bitcoin making fresh 2023 highs could be a signal that crypto winter has ended an

With continued crisis in the banking sector and an increasing number of people turning to Bitcoin, it is possible that the cryptocurrency’s price will continue to rise, making it an attractive investment option for many individuals and businesses alike.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.