• Michael van de Poppe, a well-known trader and analyst, recently shared his technical analysis of Bitcoin, which highlights its potential for a rally amidst the ongoing collapse of the US banking system.
• Van de Poppe noted that Bitcoin’s recent rally towards $23.5k is a crucial resistance point, but ultimately, the chart shows a potential for a continued rally.
• He also warned of the systemic issue in the US banking system and urged traders and investors to be cautious during this period as heavy corrections could lead to selling pressure taking over.

Bitcoin Price Rally Despite U.S. Banks Failing

Expert Opinion by Michael van de Poppe

Michael van de Poppe, an expert in technical analysis and risk management in cryptocurrency market recently shared his technical analysis of Bitcoin predicting its potential for a price rally despite the ongoing collapse of the US banking system.

Analysis on Bitcoin Price

Van de Poppe noted that Bitcoin has been falling due to fears surrounding stablecoins but its recent rescue plan by the Federal Reserve has helped stabilize the market. The expert further stated that its chart shows a downtrend since its high with bearish divergence at $19.7k and revealed that $23.5k is a crucial resistance point with an optimal long entry at 21.3 K and any move between $22.2K to $22.5K can be used as an entry for longing position in Bitcoin market.

Impact on U.S Banking System

The top analyst emphasized on impact of collapsing US banking system with several banks on brink of collapse like Pac-west Western Alliance and First Republic Bank being rescued by Federal Reserve’s Rescue Plan but still having systemic issues present along with concerns about real estate & debt markets shock taking time to manifest hence urging traders & investors to be cautious during this period as heavy corrections could lead to selling pressure taking over market eventually leading it downwards..

Conclusion

To conclude, Michael van De Poppe’s technical analysis reveals that despite US Banks failing ,Bitcoin price will continue rallying upwards if proper entries are taken into account .Meanwhile us citizens should exercise caution when trading or investing during this period because heavy corrections may come into play anytime leading to selling pressure taking over thus causing prices to fall drastically .

Von admin