Friday, 19 April 2024
Trending

Crypto News

Bitcoin hits $23.7K as BTC price analyst call SVB dip ‘bear trap’

Bitcoin hits $23.7K as BTC price analyst call SVB dip 'bear trap'

Bitcoin (BTC) hit its highest since the start of the month on March 13 as U.S. bank stocks saw the largest mass halt in history.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

BTC price sees “phenomenal” rebound

Data from Cointelegraph Markets Pro and TradingView tracked a thoroughly bullish hourly candle for BTC/USD, which reached $23,725 on Bitstamp.

The move was eagerly anticipated by market participants, many of whom had warned of extreme volatility at the Wall Street open.

This came true, with Bitcoin and altcoins benefiting from intense uncertainty surrounding bank stocks in particular as trading got underway.

The fallout from the weekend’s failure of two more U.S. banks was keenly felt, not just at home but in Europe, where banks also saw heavy losses.

“Massive move of Bitcoin. Now facing next resistance zone (I couldn’t get $21.6K),” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.

“Trend is back up, buying the dip on S/R flips seems the game. Resistance around $23.3-23.6K, if it stalls and consolidates -> altcoins should continue.”

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Trader and analyst Rekt Capital, while previously arguing that the monthly candle needed to close to confirm a longer-term trend break, nonetheless called Bitcoin’s dip below $20,000 the week prior a “bear trap.”

“The way BTC has recovered within such a short space of time just shows that the drop to ~$20000 was a Bear Trap,” he wrote in one of many tweets as BTC/USD hit $23,500.

Further analysis called the uptick “phenomenal,” with 18% added versus the local lows from March 10.

“If $22.4k holds as the new floor, that’s all and a bit more that price needs to gain momentum to the Main Resistance in the $24.1k-$25k range and truly break through,” trader G a a h continued.

“We could have more price explosions, watch out in that region.”

G a a h linked a liquidity chart from Caue Oliveira, head of research and on-chain…

Click Here to Read the Full Original Article at Cointelegraph.com News…