Bitcoin, the leading cryptocurrency in the world has been rallying for more than a week now despite the ongoing banking crisis in the country, which is close to bringing down another bank.
Bitcoin price stood at $28,000 at the time of writing, rising by more than 27% in the span of seven days. The cryptocurrency is nearing the critical resistance at $28,567, and flipping the same into a support floor will prepare BTC for a rise to $30,000. The last time the biggest crypto asset in the world was at this price was nine months ago, in June 2022.
Daily chart trends show that Bitcoin’s price had seen a massive uptrend over the past week, following a V-shaped rebound from the 200-day moving average located amid the $20K mark, followed by a decent breakout above the $25K resistance level.
Also Read: Bitcoin, Ethereum Drops Amid Crypto Bank, Silvergate Collapse.
This sustained increase in Bitcoin price despite the worsening macroeconomic conditions has imbued confidence in the heart of investors. At the same time, this rally has brought BTC closer to being free from the claims of being correlated to the traditional finance markets. This has restored its safe haven label, putting it in the same league as Gold.
However, traders should watch out for any potential decline before jumping into trading BTC, as the crypto asset is susceptible to corrections. The sudden explosion in price has pushed the cryptocurrency to the brink of being overbought, and a market cooldown could follow with some decline in price.
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