• Bitcoin [BTC] recently made a new all-time high, pushing past the $26K price level.
• Investors are investing in BTC as an alternative to traditional banking due to financial instability in the U.S.
• The Relative Strength Index (RSI) and On Balance Volume (OBV) both showed positive sentiment despite increased sell pressure.
Bitcoin Makes New Highs
Bitcoin [BTC] recently made a new all-time high, pushing past the $26K price level. This move comes after First Republic Bank faced more trouble highlighting uneasiness in the U.S. banking sector and investors looking for alternatives to traditional banking due to financial instability in the U.S.
Bulls Are Adamant Despite Lingering Sell Pressure
At press time, BTC’s value was $27.30K, hovering around its June 2022 price level. Similarly, investors partly fueled this retest, seeking alternatives following the U.S bank run and declining faith in traditional banking system, with bulls being adamant despite lingering sell pressure on BTC at the current price levels of over $25K and below $20K.
Positive Sentiment Despite Increased Sell Pressure
The Relative Strength Index (RSI) retreated to the overbought zone, highlighting increased buying pressure while On Balance Volume (OBV) also made new highs showing genuine demand for BTC as well as positive sentiment despite increased sell pressure as seen through bitcoin exchange flow balance being highly positive on 17 March with more BTCs flowing into exchanges than out indicating increased selling pressure at that time..
Bulls Defending A New Support Level
If bulls manage to defend the new support at $27208 then Bitcoin could retest $27757 or increase further up to $2817 and other key resistance levels at 2865 and 2951 respectively . Alternatively short sellers could gain leverage if Bitcoin closes below 2721 but bears must clear two hurdles 2637 and 2507 respectively before any major bearish trend can be seen . A break below 26 period EMA 2529 could attract more aggressive selling but this drop could likely slow down near 2398 or 200 EMA 2306 .