Bitcoin Rises to $26K, May Approach $29K Soon

  1. Bitcoin has surged to $26,000 from $24,000 within a couple of hours.
  2. If all goes well, BTC may reach $29,000 without breaking a sweat.
  3. The crypto rally may come earlier than expected, as CNL reported 3 days ago.

Bitcoin suddenly surged to $26,000 in what appears to be one of the most counterintuitive market movements in crypto history. Yesterday was the buildup to $24,000 and in just a couple of hours, the price has spiked to $26,201.85, at the time of writing.

BTC/USDT 4-hour chart (source: TradingView)

As seen in the chart above, BTC momentarily lingered in the $24,000 resistance level amid ongoing bank ordeals specifically by Silicon Valley Bank (SVB) and Signature Bank. This may not have been the unintended effect of US regulators according to speculators and conspiracy theorists, as the above-mentioned banks were major partners of crypto firms.

Now that a lot of people have been impacted by the SVB and Signature Bank shutdowns, many are looking to hedge their asset value by transferring to BTC. Given the current market sentiment, BTC may reach $29,000 without breaking a sweat.

If things turn out better than expected, BTC bulls may establish support at $29,000 before climbing up the $29,900 resistance level.

Three days ago, CNL reported that BTC’s bull run may start earlier than expected since the crypto market is approaching the Disbelief phase really quickly.

Santiment also offered a similar suggestion. In fact, the market sentiment analytics firm said that bitcoin whales continue to buy despite the market’s ups and downs.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.