• Bitcoin recently made a new high of $26.39K, fuelled by investors seeking alternatives following the US bank run.
• At press time, BTC is hovering around its June 2022 price level and if bulls defend the new support at $27,208, BTC could retest $27,757 or increase to $28.17K.
• Despite increased sell pressure, sentiment remains positive as more BTCs are flowing into exchanges than out.
Bitcoin Reaches New High Amidst U.S Bank Run
Bitcoin [BTC] recently made a new high of $26.39K despite lingering sell pressure in the market due to the U.S bank run and declining faith in traditional banking systems. Investors were seeking alternative investments which partly fueled this retest of the $26K price level within a week.
Current Price Level and Resistance Levels
At press time, BTC’s value was at $27.30K which is hovering around its June 2022 levels and if bulls continue to defend this support at $27,208 then it could potentially retest the value of $27,757 or even reach up to $28.17K with key resistance levels being at these prices respectively: 28.65K and 29.51K . If however short-sellers gain leverage and close below the price point of 2721 then bears must clear through 2637 or 2507 for further downtrending activity to occur on Bitcoin’s part..
Sentiment Remains Positive Despite Increased Selling Pressure
The exchange flow balance on 17 March showed more Bitcoins flowing into exchanges than out indicating higher selling pressure as Bitcoin retested its previous resistance of 2637 while supply also spiked further reinforcing that same selling pressure but at present sentiment still remains positive despite all that has happened in past weeks and months..
RSI Retreats To Overbought Zone With OBV Making New Highs
The Relative Strength Index (RSI) retreated to overbought zone hinting towards increased buying pressure on Bitcoin’s part while On Balance Volume (OBV) made new highs showing genuine demand for BTC from investors..
Conclusion
In conclusion, despite higher selling pressures seen lately there is still potential for bullish activity on Bitcoin’s part as long as buyers can manage to defend their current support levels from sellers who wish to capitalize on this situation by taking advantage of any dips in price points should they arise..