The price of #bitcoin is soaring as the Biden Administration races to prevent the collapse of Silicon Valley Bank from triggering a mass exodus at regional banks across the U.S.

The price of Bitcoin has experienced a significant surge of over 9.10%, successfully surpassing the $22,000 resistance level. However, in order to maintain this upward momentum in the short term, BTC must exceed the $22,800 mark. 

The price of Bitcoin has recently found a robust support level around the $19,500 mark. Following this, BTC has formed a solid foundation and has begun a significant upward trend, surpassing the $20,000 resistance level. The cryptocurrency has also broken through the $20,500 and $21,200 resistance levels, indicating a positive market sentiment. Additionally, the BTC/USD pair has broken a significant bearish trend line with resistance near $21,250, as seen on the hourly chart. 

According to #priceanalysis , The pair has successfully surpassed the resistance zone of $21,500, and the price has surged towards the levels of $22,000 and $22,500. A new high has been established at approximately $22,766, but the price is currently undergoing a correction. As of now, the Bitcoin price is trading above $22,300 and the 100 four-hourly simple moving average.

In the event that the price of Bitcoin is unable to surpass the resistance level of $22,800, a correction to the downside may occur. The first level of support is located in the vicinity of $22,000, followed by a more significant support level at $21,700. Should the price fall below this level, it may drop to $21,000. The next major support level is at $20,500, and any further losses could result in a decline towards the $20,000-$19,500 range.

KEY LEVELS :

RESISTANCE LEVEL : $22,800-$23,300

SUPPORT LEVEL : $22,000-$21,500

#coingabbar

Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.