The global cryptocurrency market has continued to display a bullish sentiment and is still on the rise, reaching above the $1.16 trillion mark.
However, the ongoing financial crisis in the United States, particularly the upheaval in the banking industry, has prompted investors to turn to cryptocurrency as an alternative.
It’s worth noting that the recent bankruptcy of Silvergate, a financial services provider for cryptocurrency companies, along with the government’s acquisition of insolvent banks like Silicon Valley Bank and Signature Bank, has created challenges for banking enterprises associated with cryptocurrency.
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Therefore, these crises have highlighted the effectiveness of cryptocurrencies, which have emerged as a safe haven during the ongoing financial crisis in the United States.
It’s crucial to remember that investors are searching for alternative choices to protect their money, and as Bitcoin is decentralized and not controlled by any government, it seems to meet these requirements and is seen as a more reliable investment option.
As a result, the crypto market has been on an upward trend, with Bitcoin and other cryptocurrencies reaching new multi-month highs.
Since Wednesday, the price of Bitcoin has continued to rise, recently surpassing $27,000, resulting in an increase in profitable transactions on the BTC network compared to unprofitable ones.
Furthermore, a new research report from Crypto Quant author and analyst Ankur Banerjee, using the Elliott Waves analysis approach, indicates that Bitcoin, the world’s largest cryptocurrency, has the potential for further value growth.
This optimistic forecast is likely to increase demand for Bitcoin and drive up its price, as investors may see it as a potentially profitable investment option.
Bitcoin is currently trading at $27,200 with a 24-hour trading volume of $32.3 billion. Bitcoin has dropped by 0.64% in the last 24 hours.
On the technical front, the BTC/USD pair is trading with a bullish bias, facing an immediate resistance at the $27,740 level.
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On the upside, if there is a bullish breakout of the $27,740 level, it could potentially propel BTC’s price toward the $29,000 or $30,700 mark. Meanwhile, support levels are holding steady at around $26,600 and $25,200.