- Bitcoin has hit the $26,000 target and is looking to reach $29,000 in the coming weeks.
- Price may retrace a bit especially since traders took profit at sub-$28,000.
- People may flock to crypto now that 186 banks are displaying risks akin to SVB.
Bitcoin (BTC) continued its stride to overcome the $26,000 resistance level and is now looking to climb further up to $29,000 soon. In just a week, the crypto market leader has gained at least 36.5%, according to CoinGecko.
At the time of writing, BTC is changing hands at $27,529.12. It simmered down a bit after hitting almost $28,00 today, although this is more about traders taking little profits instead of a sellout.
As seen in the chart above, BTC was able to break past the $26,000 barrier after failing the first attempt a couple of days ago. This led to forming of a descending triangle, which was supposed to be a bearish signal.
However, Bitcoin’s fundamentals remain strong now that fear in banking and stocks is arising.
Specifically, Wall Street Journal (WSJ) reported that economists are observing vulnerabilities in 186 banks akin to Silicon Valley Bank before its doom. The article did not name any banks, although it pointed out that this is related to the US Federal Reserve’s soaring interest rates.
In addition, stocks are not looking good either. For instance, the S&P 500 index witnessed a decline of 1.43% today and is on a yearly decline of 12.24%.
Hence, more people may look to leading cryptocurrencies like BTC and ether (ETH), as well as gold and silver, to hedge their asset value against volatility in the coming weeks. However, BTC may retrace a bit in the next 48 hours before it shoots up to $29,000.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether express or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers to perform their own in-depth research before investing in cryptocurrency.
Read Also :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.