Summary
- Bitcoin has surged above $27,000 in the early trading hours indicating the end of the bearish influence.
- The bears seem to be accumulating strength and may jump into action as the price marks its highs.
- The BTC is expected to drop from $21,000 to $21,500 before rising close to $30,000 in the next couple of weeks.
Recent Events in Crypto Space
The whole world is watching the American banking condition with fear while the crypto markets continue to stand strong and thrive. The recent bank to join the ripple of fallouts is the First Republic bank. The banking giants like JP Morgan, Bank of America, CitiGroup, etc are making uninsured deposits and trying to save the bank from collapse. Besides, Bitcoin made a surprising move above $27,000 as the banks continue to collapse. The wave of fallouts has benefited the crypto space massively as the recent report of First Republic Bank facing issues raised BTC’s price above crucial levels.
Price Movement Analysis
The market is currently at a stage where there is dissonance between news background and price movements. The BTC price is displaying a giant movement which may be subjected to massive correction soon or later. Although it carries potential for rising beyond $28,500 and reaching target of $30,000 but only after a certain correction phase being triggered first. As per chart analysis it appears that an upswing will follow minor downswing causing prices moving within wave patterns in coming days. Henceforth prices expected drop from 21k-21.5k levels triggering strong rebound pushing rates near 30 k mark in next few weeks .
Conclusion
With possible plunge inducing catapult action over crypto market , upcoming couple weeks would be important for Bitcoin & entire crypto community .< h2 > Risk Warning Investors should always pay attention on their investment decisions & never go beyond their risk appetite level .