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Akashindwa Girimath Akashindwa Girimath

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Bitcoin price to take a breather as midsize US banks request Fed to insure deposits for two years

CRYPTOS | 3/21/2023 1:47:06 AM GMT

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Bitcoin price and momentum indicators do not seem to be aligned, suggesting the possibility of a reversal.

Investors need to be confident in their approach and decide if they want to sell or accumulate more.

Invalidation of the ongoing bull rally will occur on a decisive flip of the $21,405 support level.

Bitcoin price has experienced a quick rally after dipping into the weekly inefficiency to the downside. As a result, the second leg of the uptrend began in March, pushing BTC to nine-month highs and another inefficiency to the upside. However, the big crypto seems to be developing a divergence on the three-day chart, which could be an opportunity to accumulate or sell-signal for bears. But as the banking crisis deepens, this move could affect the BTC’s next move.

Also read: Why Tether (USDT) and TrueUSD (TUSD) whales are key for crypto bull rally?

Small banks seek refuge with the Federal Reserve

A coalition of mid-size banks has requested the federal authorities to extend its support amid falling banking system. The banks reason that if the Fed insures deposits for two years, it would restore investor confidence and prevent a further run on the banks.