© Reuters
Investing.com – The price is back above $29,000 on Thursday morning, following the Fed meeting last night which saw a 0.25% rate hike, but also provided an opportunity a commitment from the central bank, conditional on the data, to decide on a pause next month.
However, short-term charts show that Bitcoin showed a mixed reaction to the rate announcement and Jerome Powell’s comments, only beginning to move higher after the event, around 10:40 p.m. CET.
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Pacwest’s setbacks rekindle worries about the banking crisis in favor of Bitcoin
However, it will be recalled that a new US regional bank saw its shares collapse last night, reviving concerns about the banking crisis. The title PacWest Bancorp (NASDAQ:) has indeed slumped more than 52% in after-market trading, after Bloomberg revealed the institution is evaluating all of its options, including a sell, as its financial situation deteriorates. .
As has been the case in previous episodes, with the Signature Bank and SVB bankruptcies in March, or more recently with First Republic Bank, which was acquired by JP Morgan this week following the collapse of its shares, these new setbacks in the US financial system have benefited cryptocurrencies, highlighting the potential of digital assets as an alternative financial system.
Additionally, the problems with banks make a pause in Fed rate hikes even more likely, which would provide a breath of fresh air for risky assets, including Bitcoin and other cryptocurrencies.
BTC traders should therefore continue to monitor the Pacwest case this Thursday, and stay on the lookout for possible difficulties for other banks, according to the idea that the worse the banks are, the stronger the cryptos should be.
The technical backdrop for Bitcoin remains uncertain
From a graphical point of view, it should be noted that the rise on Wednesday evening was not enough to call into question the configuration of uncertainty in which the cryptocurrency finds itself.
The first resistance to consider is the major psychological threshold of $30,000, after which Bitcoin should aim for its recent yearly highs near $31,000.
On the downside, the first major support zone is $26,600/$27,000. Lower, we can consider that the trend of BTC/USD is turning down, and the 100-day moving average at $25,720 will be the first potential support to take into account.