BTC price centers on $28K as Deutsche Bank shares follow Credit Suisse

Bitcoin refuses to give up recently reclaimed support as Deutsche Bank shows that the banking crisis is far from over.

Bitcoin 

BTC

$27,800 diced with $28,000 at the March 24 Wall Street open as fresh banking woes failed to provide a further boost to crypto.

BTC/USD 1-hour candle chart (Binance). Source: TradingView

Traders stay optimistic on BTC long-term trend

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing momentum to hit daily lows of $28,001 on Binance.

The pair was attempting to cement support after a classic comeback the day prior erased panic on the back of the latest United States economic policy moves.

The Federal Reserve hiked baseline interest rates by 0.25% on March 23, this along with mixed comments from Chair Jerome Powell serving to unsettle risk assets amid a lack of clear trajectory.

Bitcoin thus showed indecision on the day, with analysts equally split over where BTC price action could head next.

“Typical seeing some panic on that dip, but unless we start to see a shift in market structure, Lower lows and lower highs, then we have nothing to worry about from a bullish perspective,” an optimistic Crypto Tony told Twitter followers.

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

Popular trader and analyst Rekt Capital was similarly upbeat about overall strength on BTC/USD.

“All BTC needs to do to confirm a new macro uptrend is Monthly Candle Close above ~$25000,” he argued in part of his latest analysis.

“So far, so good.”

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

Fellow trader Credible Crypto meanwhile suggested that even if BTC/USD were to drop to $23,000, this would not imply a clean break with current bullish behavior.

“A few weeks of chop before we continue our rally would be good for us here. Anything down to 22-23k is fair game and nothing to be concerned about imo,” he wrote on March 23.

BTC/USD annotated chart. Source: Credible Crypto/ Twitter

Deutsche Bank unnerves market post-Credit Suisse

Short-term sentiment was impacted by a temporary trading outage on largest global exchange Binance, which briefly suspended spot trading.

On-chain monitoring resource Material Indicators noted that bid liquidity had appeared on the Bitcoin order book in order to prevent a sell-off.

On-chain monitoring resource Material Indicators noted that bid liquidity had appeared on the Bitcoin order book in order to prevent a sell-off.

Elsewhere, macro concerns resulting from the U.S. banking crisis increased on the day as Deutsche Bank lost value just days after Swiss lender Credit Suisse saw a takeover and government bailout.

“Bank stocks dumping, Yields Dumping. Precious Metals up. Bitcoin a bit flat,” analyst Daan Crypto Trades responded.

“Seems like the TradFi world is continuing the same trend as last week. Let’s see if BTC has more fuel left in it or not.”

At the time of writing, Deutsche Bank shares (DBK) were down nearly 10% for March 24.

Deutsche Bank (DBK) 1-day candle chart. Source: TradingView

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