Bitcoin price has been on a tear since last Friday, with the top cryptocurrency by market cap rebounding nearly 30% from Friday’s lows. The recovery has now set a new 2023 record, pushing above $26,000 and making a new high for the year.
Bitcoin Price Breaks Above $26,000
On the heels of a banking sector crisis and widespread bank runs, Bitcoin has been surging. Following the release of today’s CPI data, coming in at 6%, BTCUSD made an intraday move above $25,000 and eventually $26,000.
The number one cryptocurrency by market cap could move even higher if the local resistance level is broken with strength. The signal could also change investor’s mind about the bear market.
Bitcoin made a new high for 2023 | BTCUSD on TradingView.com
New Bullish Bank Run Narrative Behind Recovery
Bitcoin price first dropped below $26,000 in June 2022. Since then it has failed to make it above the key level even after several attempts. This time, however, could be different after retesting downtrend resistance line and reacting the way it has.
BTCUSD exploded after retesting $20,000 late last week, already increasing by more than 25% per coin.
The first ever cryptocurrency has a new bullish narrative behind it, acting as a safe haven from systematic risk from the banking sector. Will this rally sustain and turn into something more? Or will this resistance level leave bulls rejected again?
Had you bought the retest in $BTC you would be up 20% already in your #Bitcoin https://t.co/fYjLX5kfyx
— Tony “The Bull” (@tonythebullBTC) March 13, 2023
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TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com