The United States banking sector witnessed a huge turmoil in the past week. It started after Silicon Valley Bank (SVB) said on March 8 that it needed to raise $2.25 billion to strengthen its balance sheet. That spooked customers who withdrew $42 billion of deposits by the end of March 9, according to a California regulatory filing.

This bank run unnerved investors and stoked fears that other banks may also get affected. To prevent that and to reassure customers, the U.S. regulators stepped in and shut down the bank on March 10. However, by then, the contagion had already spread and customers withdrew $10 billion in deposits from Signature Bank, a board member told CNBC.

We said in our previous analysis that a break below $21,500 could result in a fall to $20,000 and that is what happened. We added that if buyers drive the price above the 20-day exponential moving average (EMA), the BTC/USD pair could reach $25,000 and that also played out according to our assumption. Bitcoin is near the stiff overhead resistance of $25,000.

This is an important level to keep an eye on because a break and close above it will complete a large inverse head and shoulders (H&S) pattern. This bullish setup could signal a potential trend change.

The first target on the upside is $32,000 and then the pattern target of $34,500. The longer the price sustains above $25,000, the greater the possibility that the downtrend has ended. Conversely, if the price turns down sharply from $25,000 and plummets below the moving averages, it will suggest that bears are unwilling to relent. That may keep the pair range-bound between $20,000 and $25,000 for a few days.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!