Bitcoin and Ethereum have experienced significant gains over the past 24 hours, after suffering significant losses on Friday due to the spread of potential contagion risks from the Silicon Valley Bank failure in crypto markets. Amidst such banking sector mayhem, the crypto community was reminded of the core fundamentals that underpin bitcoin and the reason it was first introduced following the collapse of Lehman Brothers in 2008.
Bitcoin price remains at $20K
Despite the fact that the broader crypto market is under heavy pressure from the ongoing stablecoin crisis – which was triggered by a troubled bank’s exposure of $3.3 billion of USDC – the bitcoin price, however, held on bravely at the $20K level. happened. The flagship cryptocurrency has been on a roller-coaster ride this year, with BTC breaking the psychological barrier of $25K and then back into the $19k zone within a matter of months.
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Following widespread media coverage of USDC and other reported stablecoins losing a $1 peg, total crypto market capitalization fell below $920 billion for the first time since November, and on the previous day alone, crypto-tracked futures contracts Over $200 million worth were liquidated. Liquidation of bitcoin futures reached nearly $60 million, the highest amount among the major cryptocurrencies. Still, even this hasn’t been enough to rattle Satoshi’s precious creation, which according to the price charts, is currently displaying a healthy pullback in preparation for an even bigger recovery.
Bitcoin Gunning for the Bull Run?
According to a leading crypto analyst, the bitcoin price is showing a similar pattern compared to the pattern seen in 2015 and 2020, right before BTC’s massive run-up. From a purely statistical point of view, this has happened about six times in 2015 and twice in 2020. Furthermore, he further emphasizes the fact that bitcoin is taking a slow and “methodical” approach to 2015, which will happen slowly but almost certainly.
Additionally, it should be noted that BTC’s technical analysis (TA) indicators on CoinGap’s Crypto Market Tracker recommend a “Sell” position, as summarized by its moving averages. And, as it currently stands, Bitcoin (BTC) price is trading at $20,322, representing an increase of 1.20% over the past 24 hours, while a 9% decline was registered over the past seven days.
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