Bitcoin (BTC) peaked at $28,900 last week, but then dropped back to the range between $27,500 and $28,000. Yesterday afternoon and last night, bitcoin briefly shot above $28,000, but dropped below again this morning. The BTC price stands at $27,805 on Binance and $25,830 on Bitvavo at the time of writing.
This means that the bitcoin price is up 0.5% today. Trading volume increased by 16% in the last 24 hours. The total market capitalization is $538 billion and the dominance is 46.4%. The Fear & Greed Index comes out at 64 (Greed).
Bitcoin Fear and Greed Index is 64 ~ Greed
Current price: $27,876 pic.twitter.com/eCS006r3Kt— Bitcoin Fear and Greed Index (@BitcoinFear) March 26, 2023
Banking crisis not over yet
This week will again be dominated by the banking crisis in the United States. The Federal Deposit Insurance Corporation (FDIC) has just announced that Silicon Valley Bank will be acquired by First Citizen Bank. Only during a crisis can a bank half its size take over a bank twice its size. More on this later today on Crypto Insiders.
Today, we entered into an agreement with First-Citizens Bank & Trust Company to purchase and assume all deposits and loans of Silicon Valley Bridge Bank, N.A. pic.twitter.com/MI5lXN5y6r
— FDIC (@FDICgov) March 27, 2023
More macroeconomic data this week
It doesn’t stop there. We will also have multiple hearings with the US Senate on the banking issues in the coming days.
In addition, the latest consumer confidence data in the US will be published tomorrow. Data on the US housing market, a crucial part of the economy, will follow on Wednesday.
Then comes the gross domestic product and unemployment figures for the US on Thursday. Finally, on Friday we have the consumer price index (CPI) in Europe and US inflation data with the core personal consumption expenditures (PCE).
Bitcoin support wall
Analyst Ali Martinez reports that a significant support wall, or retaining wall, is between $27,170 and $27,970. Here, 1.45 million addresses bought more than 700,000 BTC. If this wall holds, there will be little resistance further up, according to the analyst.
The most significant support wall underneath #Bitcoin lies between $27,170 and $27,970, where 1.45 million addresses bought over 700,000 $BTCshows on-chain data from @intotheblock.
If this demand wall holds, notice that #BTC faces little to no resistance to advance further. pic.twitter.com/bFKH0MnjPI
— Ali (@ali_charts) March 26, 2023
More bitcoin shorts than longs
However, according to Decentrader, it looks like traders are again more short then take positions long positions. This suggests that the majority expects a price fall. However, this can also lead to a so-called short squeeze.
#Bitcoin Long Short ratio has been skewed to the shorts for over a week now. pic.twitter.com/msybiJXlEj
— Decentrader (@decentrader) March 27, 2023
More and more BTC to small investors
Analyst Maartunn reports that the supply in the hands of private investors is increasing. Small investors now own more than 20% of the total supply. However, it is also a sign that the big investors are staying away for the time being.
Small Investors Take Over Bitcoin Market with 20% Supply Hold 👨👩👦👦
The bitcoin market is witnessing an increasing dominance of retail players. Additionally, more than 20% of the total bitcoin supply is held by small investors. pic.twitter.com/gflpmCnTYJ
— Maartun (@JA_Maartun) March 26, 2023
End of bear market in sight?
Still, the end of the bear market appears to be in sight, reports analyst James V. Straten. Every time the so-called short-term holder realized price, or the real price for short-term holders overtaking that of long-term holders, that was the end of the bear market. Gradually, these two numbers are getting closer to each other again.
#Bitcoin short-term holder realized price is now less than $1,000 away from the Long-term holder realized price.
Each time STH RP has flipped, LTH RP has signaled the end of a bear market.
STH RP = $21,095
LTH RP = $21,900
RP = $19,960We are currently in the 902 cross-over… pic.twitter.com/jYcFtI1XYg
— James V. Streets (@jimmyvs24) March 26, 2023
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