Bitcoin: The path is set to a new high and all support is there

🚨🚨Hello Crypt Banter community 🚨🚨

Risk markets have been in turmoil in the past few days, first due to the closure of two US banks Silicon Valley and Signature, and then fears that Credit Suisse may end up in bankruptcy as its share price continues to drop to low levels. In addition, First Republic Bank shares lost more than a third of their value today, Thursday, which put the bank under severe pressure and an attempt to sell it.

Bitcoin-led cryptocurrencies should be affected by these bad conditions, but Bitcoin has another say, as it surged higher over the past week, driven by the strong conviction that the failed banking system reinforces the view that the digital currency is immune to the problems of traditional banking and a safe haven.

Bitcoin is currently facing a persistent resistance level around $25,200 that it has been unable to break for several months. Although it rose last Tuesday and reached an intraday high of around $26,400, it closed around $24,600. For Bitcoin to continue making progress towards its $32,000 target, it must close above the resistance level and open at this price to confirm the move.

The three moving averages are supportive with the 200 day moving average providing strong support during last week's sell-off, while the CCI indicator shows that bitcoin is currently trading in the overbought territory. It is possible that after a few more days of consolidation there may be a new high higher.

So what do you think....

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@HLSPORTAIT