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

cointelegraph.com:

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

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.

Related: Fed balance sheet adds $393B in two weeks — Will this send Bitcoin price to $40K?

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.

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.

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.

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