Sirwin
Sirwin

Bitcoin it's all the way up?!

By Crypto4you23 | Cryptoanswers22 | 14 Mar 2023


Introduction:

 

If you are not optimistic about cryptocurrencies right now, it's better to rethink what you're doing.

Bitcoin has just broken an important price range and could take off at any moment.

Bitcoin has been on an upward trend throughout the weekend - a mini rally that, according to the analyst, has been proving the asset's resilience even during a tremendous crisis.

 

Why this is happening

This is because, since last Friday (10), two American banks have closed their doors: Silicon Valley Bank (SVB) and Silvergate.

Both had a close relationship with cryptocurrencies and risky assets. SVB was a bank specialized in serving startups, while Silvergate was a crypto asset bank.

In recent days, the market's fear was that this climate of fear would spread to other assets and cause the price of cryptocurrencies to drop.

And that's exactly what happened, for a while. Bitcoin lost part of its price - but only to recover and deliver a 32% increase since the beginning of this movement.

And now that it has surpassed the important range of $25,300, the price is likely to soar even higher.

This is because this was a range in which several investors were betting on Bitcoin's decline - in other words, short positions.

If Bitcoin surpassed this range - as it did - the trend was for several positions to be liquidated, which could cause the asset to skyrocket.

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