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BTC Will Enter a Bull Market If This Level Is Surpassed
After finding support at $20,000 on Friday, Bitcoin has increased by about 18% over the past three days.
This comes after big banks collapsed and the US government stepped in swiftly to say they would fully safeguard investors.
In a cruel year for financial organizations due to the Fed's increasing interest rates, Silicon Valley Bank (SVB) and Signature Bank are the most recent casualties, according to Cointelegraph. Will the pattern continue?
Even though Signature is primarily centered on cryptocurrencies and represents a significant onramp from cash, the cryptocurrency market has so far seen no cause to lose hope in the possibility of the Fed printing more money.
Money Creation Fuels Price Increases in Gold and Cryptocurrency
Increases in Bitcoin, gold, and silver prices were all triggered by the news of increased money creation. It is clear from comparing a gold chart to a bitcoin chart that both have been responding the same to the same news.
For the past three business days, the flames on both indices have been nearly similar (albeit gold futures were closed on the weekend while Bitcoin was not).
It Is Too Soon To Discuss A Bullish Market
However, Bitcoin's meteoric rise took it back to the crucial support level it had previously fallen from. Therefore, despite the fact that BTC's rise is appreciated and has prevented it from dropping below $20,000, it has not yet left its specified range of $16,000 to $25,000. Therefore, it is too soon to determine whether or not this represents a genuine shift from a negative to an optimistic outlook. However, it is quickly nearing a resistance level that, if broken, would indicate just that.
At what point would the crypto winter end?
Currently, prices are hovering around $26,000, which would indicate that the crypto cold may be coming to an end. a price at which Bitcoin hasn't traded in the past 10 months. The crucial 200-week moving average, which has long served as a bottoming sign for Bitcoin, is used to symbolize this level. The ice is starting to melt and spring is in the air if we see Bitcoin surpass the 200-week SMA.
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