Bitcoin is Rising as Banking Worries Grow

The price of Bitcoin (BTC) is rising amid the failures of major banks, including Silicon Valley Bank (SVB), Credit Suisse, Signature Bank and other financial institutions which became victims of demise. This shows that people started to withdraw money from traditional banks and investing these funds towards cryptocurrencies. So, let's break down the current BTC/USDT situation.

As seen on the chart, the year began with a peculiar upside move from $15,000 to the current $28,000 level. Now, Bitcoin is under a strange resistance zone between $28,000-$32,000. This price represents the lows of May 2021 where it found a sturdy support level to rise to a new all-time high, hence, this zone is quite significant for Bitcoin’s investors and traders.

In the case which the price breaks through this psychologically and technically important zone, the next potential target will be the $40,000 mark. For it to come to fruition, it is expected that some price correction and accumulation should occur beneath this level before breaching it. However, if the price of BTC deteriorates below the $25,000 mark, traders & investors of the OG coin may expect the continuation of yet another bear market cycle for Bitcoin.

Many crypto market influencers and traders expect that Bitcoin will hit new all-time highs, and the general market sentiment remains quite bullish.  Buying Bitcoin as a long-term investment may be a great idea given the current conundrums of the banking sector, which witnessed the rise of BTC trading volume and market capitalization, as BTC is seen as the safe-haven digital asset of the modern era.