BTC price centers around $28K as Deutsche Bank shares follow Credit Suisse
Bitcoin (BTC) diced $28,000 at the Wall Street open on March 24, as new banking woes failed to give the crypto a further boost.
Traders remain bullish on BTC’s long-term trend
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD lost momentum and hit daily lows of $28,001 on Binance.
The pair tried to cement support after one classic comeback March 23 erased panic on the back of America’s latest economic policy move.
The Federal Reserve raised benchmark interest rates by 0.25% on March 23, which, along with mixed comments from Chairman Jerome Powell, helped roil risk assets amid a lack of clear direction.
Related: Fed Balance Sheet Adds $393B In Two Weeks – Will This Send Bitcoin Price To $40K?
Bitcoin thus showed indecision on March 24, with analysts equally divided over where BTC price action might head next.
“Typical to see a bit of panic on that decline, but unless we start to see a shift in market structure, lower lows and lower highs, then we have nothing to worry about from a bullish perspective,” an optimistic Crypto Tony told Twitter followers.
Popular trader and analyst Rekt Capital was similarly bullish on the overall strength of BTC/USD.
“All BTC needs to do to confirm a new macro uptrend is Monthly Candle Close above ~$25000,” he argued in part of his latest analysis.
“So far so good.”
Fellow trader Credible Crypto, meanwhile, suggested that even if BTC/USD were to fall to $23,000, this would not mean a clean break with current bullish behavior.
“A couple of weeks of notching before we continue our rally would be good for us here. Anything down to 22-23k is fair game and nothing to worry about, he says wrote on 23 March.
Deutsche Bank stresses the market after Credit Suisse
Short-term sentiment was affected by a temporary trading disruption on the largest global exchange, Binance, which briefly suspended spot trading.
Related: Crypto winter can take a toll on hodlers’ mental health
On-chain monitoring resource Material Indicators noted that bid liquidity had appeared on the Bitcoin order book to prevent selling.
Elsewhere, macro worries stemming from the US banking crisis rose on March 24 as Deutsche Bank lost value just days after Swiss lender Credit Suisse saw a takeover and government bailout.
“Dumping of bank shares, yield dumping. Precious metals up. Bitcoin a bit flat,” analyst Daan Crypto Trades answered.
“It seems like the TradFi world is continuing the same trend as last week. Let’s see if BTC has more fuel left in it or not.”
At the time of writing, Deutsche Bank shares were down nearly 10% on March 24.
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