Bitcoin (BTC) recently surged to the verge of the $30,000 milestone due to US regional bank failures and fears. This speculation has caused PacWest, a California-based lender, to plummet by 60% overnight. Stocks of the 349 regional banks in the United States are now down by more than 5%, along with the high-profile failure and sale of First Republic Bank to JPMorgan Chase.

Although the financial sector's broad concerns has sparked Bitcoin's 1.7% increase in the last 24 hours, investors are escaping to safe havens by turning to alternative assets to protect themselves against uncertainties in traditional markets. CryptoCon, a Bitcoin market analyst, has pointed out the mid-line crossover of the 3 Week Keltner Channels, a technical indicator showing the potential bull market of BTC crossing at $26,500. Subsequent crossovers over the mid-line have typically brought continued bull market behavior.

Daan Crypto Trades has also evaluated Bitcoin's influence on the cryptocurrency market by looking at Bitcoin dominance - the percentage of total crypto market capitalization held by Bitcoin. Currently trading at a range of 48-49%, if BTC pushes through this range, it could move its dominance to 52%. But if it remains stagnant at $27,000 - $30,000, altcoins, or alternative coins to BTC, could show outperformance instead.

Right now, with $100 million in liquidation of short positions and BTC trading at $29,000, it remains to be seen if Bitcoin continues its strength or sticks to a healthy pullback. If the long-term direction proves true, around $30K may be the next imminent price milestone.



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