“Top 10 cryptocurrencies: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB”
Bitcoin has risen to its highest level since January 12, despite concerns over the vulnerability of banks in the US and Europe. The US is expected to go through a credit crunch as banks lend less to rebuild capital, which has prompted the suggestion that investors should invest in bitcoin and cryptocurrency. The Federal Reserve has already loaned $150bn to banks – more than the amount borrowed during the 2008 financial crisis – and has increased its balance sheet by $300bn in just a week, second only to the $500bn following the March 2020 crash. History appears to be repeating itself with the QE in 2020 triggering a rally in bitcoin that peaked at $69,00. After a recovery on 16 March, the US stock markets continue to fall prompting investors to focus on whether bitcoin and altcoins can sustain higher levels. Charts reveal that bitcoin bulls purchased the dip to $24,000 on 15 March and pushed the price above the strong overhead resistance of $25,250. Ether has also rebounded off moving averages, while BNB bulls are trying to strengthen their position further, and XRP has been consolidating inside a tight trading range. Cardano is stuck between the 50-day SMA and strong support at $0.29, while Shiba Inu has rebounded off the $0.000010 support. Overall, the bulls appear to hold sway, with bears needing to quickly reverse direction and sink the pair below moving averages to regain control.
About The Author
