Overview of Bitcoin Price Movement

• The BTC price surged above $27,000 in the early trading hours indicating the end of the bearish influence.
• The whole world is watching the American banking condition with fear while the crypto markets continue to stand strong and thrive.
• Bitcoin made a surprising move above $27,000 as the banks continue to collapse.

Reason Behind The Surge

The recent bank to join the ripple of fallouts is the First Republic bank. The banking giants like JP Morgan, Bank of America, CitiGroup, etc are making uninsured deposits and trying to save the bank from collapse. This has caused an increase in demand for cryptocurrencies as investors seek safer alternatives for their investments. As a result, this has led to a surge in Bitcoin prices.

Possibility Of A Correction Phase

The market is currently at a stage where there is a certain dissonance between the news background and price movements. The BTC price is displaying a giant price movement which may be subjected to massive correction sooner or later. The price still carries the potential to rise beyond $28,500 and reach the target of $30,000 but only after a certain correction phase is triggered.

Expected Price Movements

As seen in charts, it is expected that Bitcoin (BTC) price will rapidly drop from $21,000 to $21,500 where-in traders are expected to accumulate heavily. This may trigger a strong rebound that may push up prices close to $30,000 in upcoming weeks.

Conclusion

Therefore, it can be concluded that upcoming couple of weeks may be very important for Bitcoin and entire crypto space as significant plunge is expected to induce catapult action over crypto market.