Bitcoin: The Preferred in the Face of the Collapse of the Banking System?
- Bitcoin price shows a strong surge in buying pressure that has triggered a 22% upswing in the last three days.
- This uptick is now facing a question, retrace and rebuild momentum or continue the ascent and tag $30,000.
- Investors need to watch out for signs emerging on a lower timeframe to determine where BTC is headed next.
The cryptocurrency king has demonstrated the characteristics of a risk-off asset. Over the course of the last three days, we have watched considerable upward momentum as investors hunt for protection. Bitcoin desperately needed a rebranding that would position it as a haven and competitive option to the established global financial system.
We have seen that there is a lot of interest in bitcoin, and it appears that this surge will continue even if several well-known crypto banks have closed their doors. Another of bitcoin’s advantages is that it is not overly dependent on this. This is what makes it so beautiful.
Because of the collapse of the SVB, it is possible that some chief financial officers would now look to bitcoin as a means of diversifying their risks. Bitcoin has once again shown its capacity to withstand any form of uncertainty, which is why this is the case.
In addition, there is a demonstrated historical record of investors favoring stable currencies over bitcoin, which indicates that this preference may soon be reversed. People are now aware that bitcoin is the most revolutionary financial innovation ever created since it is the most secure and transparent digital currency available.
Strictly speaking, the barrier of 25K is anticipated to maintain the growing momentum in check, and if this barrier is broken, then the door will be opened to the next level, which is 30K.
