• Bitcoin’s price has seen a massive uptrend, breaking above the $25K resistance level and heading towards $30K.
• The RSI indicator is signaling a potential pullback or consolidation in the short term.
• A deeper pullback could lead to a retest of the $23K level.
Bitcoin Breaks Above Significant Resistance
Bitcoin’s price has surged over the past week, following a V-shaped rebound from the 200-day moving average located amid the $20K mark and then breaking above the important resistance of $25K. The current surge is taking Bitcoin towards the key mid-term resistance at around $30K.
Potential Correction Ahead?
Although bullish sentiment remains in place, the RSI indicator has entered an overbought area on both daily and 4-hour time frames, indicating that a correction or consolidation could be ahead in the short term. In this case, support may be found at around $25K, however if there is further correction then it could take Bitcoin back to its previous support level of approximately $23K.
Key Support Levels
The key support levels for Bitcoin are currently at around $23K and then again at approximately $25K. If these levels hold up during any potential correction then it will likely pave way for further upside momentum as Bitcoin looks to break above its all-time high of around $30K sometime soon.
Looking at technical analysis on both daily and 4-hour time frames reveals that while bullish sentiment remains in place there is still potential for some short term corrections before we see more upside momentum from Bitcoin in coming months. Key support levels can be found at around $23K and again at approximately 25k which should provide enough buffer against any potential bearish pressure.
In conclusion, while bullish sentiment remains strong it seems likely that we will see some short term corrections before we see further gains from Bitcoin in coming months as it tries to break above its all-time high of around 30k sometime soon. Key support levels can be found at 23k and 25k which should provide enough buffer against any bearish pressure during these times of volatility.
• The U.S. government released a joint statement on Sunday, promising to save all depositors at Silicon Valley Bank (SVB).
• In response, the prices of both Bitcoin and USDC are returning to pre-collapse levels.
• Taxpayers will shoulder expenses as part of the resolution, while shareholders and senior management will not be protected.
Government Bails Out Silicon Valley Bank Depositors
The Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation have jointly announced that every depositor at Silicon Valley Bank (SVB) will be able to access their money by Monday, March 13th. This decision was made in order to protect deposits and provide households and businesses with access to credit in a manner that promotes strong economic growth.
Rising Prices for BTC & USDC
In response to the news of government support for SVB depositors, both Bitcoin and USDC are quickly regaining their price levels from before the bank’s collapse.
Taxpayers will bear expenses as part of this resolution; however, shareholders and “certain unsecured debtholders” won’t be protected. Additionally, senior management has been removed from their roles.
Business Leaders Speak Out
Several business leaders called on the government over the weekend to stop contagion from SVB’s failure – including Bill Ackman and Mark Cuban – with stablecoin issuer Circle specifically requesting similar action due to having $3.3 billion of its USDC reserves within the firm.
The U.S.’s biggest financial regulators have provided assurance that all Silicon Valley Bank depositors will receive their funds back safely after Monday 13th March 2021 in an effort to ensure stability of the banking system and promote strong economic growth going forward.
- Brian Armstrong, the CEO of Coinbase, recently published an op-ed advocating for a US-backed stablecoin.
- His attempt to appease regulators and keep crypto accessible in America has been met with mixed reactions.
- Armstrong argues that crypto should be embraced, not banned, in order to ensure the US does not miss out on innovation.
Forget Bitcoin, Coinbase CEO Advocates for a US-Backed Stablecoin (Op-Ed)
In a desperate attempt to appease regulators, have crypto’s biggest voices simply lost the plot?
In a post-FTX world, it’s really hard being a crypto executive. Not only are your bags empty and revenues down, but you also have United States financial regulators breathing down your neck with subpoenas one day, and lawsuits the next. It’s understandable, then, why industry leaders like Brian Armstrong may wish to present themselves to both media and authorities with their state-worshipping foot forward.As the CEO of Coinbase
, America’s largest crypto exchange – one wrong move could get his company sued and regulated beyond repair by politicians already paranoid about a fraud-ridden industry. After all, what reason does the state have left to not just ban crypto entirely? On a media blitz earlier this week, the executive attempted to answer that question: supportive of “crypto” while still pleading to the United States government’s best interests.The Result
. The result, however, saw him promote a use of crypto most antithetical to the ethos of “decentralization” Bitcoin was born into. That’s right: Brian Armstrong is in favor of a US government-issued stablecoin.
Armstrong’s Case for Crypto in America
. In an op-ed published with CNBC on Wednesday, Armstrong made his usual case for why the United States should be more welcoming to crypto, in order to not drive the industry offshore.
The Argument h2 >
< p >< strong >He argued strong >that embracing cryptos would help ensure that American businesses do not miss out on any potential innovation or economic opportunities related to them . He also noted that banning cryptocurrency outright would only push people offshore , resulting in less oversight than if it were accepted within US borders . p ?