Bitcoin (BTC) Resilient Despite Economic Woes: Increased Investor Trust At Play
Despite the recent turmoil in the economy caused by the collapse of SVB on Friday, BTC has remained resilient and has even gained value. It is a testament to BTC’s growing trust and acceptance as a reliable investment option.
Many investors are turning to BTC as a hedge against inflation, as it has a finite supply and is not subject to the same inflationary pressures as fiat currencies. In addition, BTC’s decentralized nature and security features make it a more attractive investment option than traditional assets.
The increase in BTC’s market cap by over $390 billion is a significant milestone for cryptocurrency. This surge in value has been driven by increased adoption and interest from institutional investors, as well as retail investors. The 24-hour trading volume of $20 billion on Monday indicates the high demand for BTC.
As more investors look to the volatile week, BTC will likely continue gaining traction and value. The positive trajectory of BTC is likely to continue as the bulls maintain control of the market. With the current market conditions
Daily Chart Shows Momentum Above $20.5K – Technical Analysis
BTC maintains positive momentum on the daily chart by consolidating at the $20,500 level. While the past few days have been bearish for BTC, particularly with the collapse of the crypto banking assist bank Silvergate, the BTC/USD gained over 1.76% in the last day, which is expected to continue.
The MACD indicator, which measures an asset’s price momentum, is currently in the green zone, trading above the signal line on the 24-hour chart. This data further confirms the bullish sentiment toward BTC, with the bar holding in the green region, indicating an increase in buying pressure.
In addition, the relative RSI (Relative Strength Index) is also bullish, trading above the $39 level on the daily chart and suggesting some buying pressure in the market. If this trend continues, we could see further gains favoring BTC.
BTC 4-Hour Technical Analysis
Looking at the 4-hour chart, it’s evident that BTC is in a continuous bullish trend. The buyers have attempted to crash the $20,721 resistance level but have been unsuccessful. If the bulls break this resistance, a significant change could be upwards.
The current figure upheld is the support level created during the correction phase at $20,225. This statement affirms the bullish sentiment as BTC/USD buyers accumulate.
The MACD indicator on the 4-hour chart shows the positivity in the market as it remains in the green zone at the bull crossover signal line. This data confirms the bullish sentiment toward BTC, indicating increased buying pressure. The RSI also remains bullish, trading below 48.76 at 41.38.