Bitcoin (BTC) lost $28,000 when Wall Street opened on March 24 as new banking troubles failed to give crypto a further boost.
BTC/USD 1 hour candlestick chart (Binance). Source: TradingView
Traders remain bullish on BTC’s long-term trend
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing momentum to hit daily lows of $28,001 on Binance.
The pair attempted to solidify support after a classic comeback the day before after panic was eased over recent US economic policy moves.
The Federal Reserve hiked base rates by 0.25% on March 23, which coupled with mixed comments from Chairman Jerome Powell served to unsettle risky assets given a lack of clear price action.
Related: Fed Balance Sheet Adds $393 Billion in Two Weeks – Will This Push Bitcoin Price to $40,000?
Bitcoin therefore displayed indecisiveness on the day, with analysts equally divided on where BTC price action could head next.
“Typical to see some panic on this dip, but unless we start to see a shift in market structure, lower lows and lower highs, then from a bullish perspective we have nothing to worry about,” a bullish crypto Tony told Twitter -Followers.
Annotated BTC/USD chart. Source: Crypto Tony/ Twitter
Popular trader and analyst Rekt Capital expressed similar optimism about overall BTC/USD strength.
“All BTC has to do to confirm a new macro uptrend is a monthly candle close above ~$25,000,” he argued in part of his recent analysis.
“So far, so good.”BTC/USD annotated chart. Source: Rekt Capital/ Twitter
Meanwhile, fellow trader Credible Crypto hinted that even if BTC/USD fell to $23,000, it would not mark a clean break from the current bullish behavior.
“A few weeks of chop before we continue our rally would do us good here. Anything below 22,000-23,000 is fair game and no need to worry imo,” he wrote on March 23.
Annotated BTC/USD chart. Source: Credible Crypto/ Twitter
Deutsche Bank unsettles the market after Credit Suisse
Short-term sentiment was impacted by a temporary halt to trading on the largest global exchange, Binance, which briefly suspended cash trading.
Relative: The crypto winter can take a toll on hodlers’ mental health
On-chain monitoring resource Material Indicators noted that bid liquidity had appeared in the Bitcoin order book to prevent a sell-off.
Elsewhere, macro worries over the US banking crisis mounted on the day, when Deutsche Bank fell just days after its takeover and government bailout of Swiss lender Credit Suisse.
“Bank stock dumping, yield dumping. precious metals. Bitcoin a bit flat,” responded analyst Daan Crypto Trades.
“It seems like the TradFi world is continuing the same trend as last week. Let’s see if BTC has more fuel or not.”
At the time of writing, Deutsche Bank (DBK) shares are down almost 10% on March 24th.
Deutsche Bank (DBK) 1-day candlestick chart. Source: TradingView
The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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