Bitcoin is on track to finish March with gains of more than 16%. The banking crisis in the United States and Europe was largely responsible for the sharp rally in March. However, even as the crisis subsides, Bitcoin bulls have not hurried to book profits, indicating that they expect the rally to continue.
Following the collapse of the Silicon Valley Bank, American venture capital investor and entrepreneur Tim Draper suggested founders “consider a more diversified cash management approach” for uncertain times. He recommended founders keep “ at least 6 months of short-term cash in each of two banks, one local bank and one global bank, and at least two payrolls worth of cash in Bitcoin or other crypto currencies.”
We warned investors that the bears will fiercely defend the $30,000 to $32,000 resistance zone and that is how it has been. Bitcoin climbed near $29,000 on March 22 but the bulls could not sustain the momentum. The failure to break above the $30,000 resistance may tempt short-term bulls to book profits. The selling may intensify if the price slips below the 20-day exponential moving average (EMA). The next support to watch on the downside is $25,000.
A break and close below $25,000 will be the first indication that the bulls may be losing their grip. That could open the doors for a potential drop to the 200-day simple moving average (SMA). Contrary to this assumption, if the price turns up from the 20-day EMA or $25,000, it will suggest that the sentiment remains positive. The bulls will then again try to push the BTC/ USD pair to the stiff overhead resistance zone between $30,000 and $32,000. If this zone is scaled, the pair could soar to $40,000.
Lastly please check out the advancement’s happening in the cryptocurrency world.
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