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Situation Become Promising For Bitcoin (BTC) As US Treasury Announces Backstop For SVB Depositors

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Mar 13, 2023

A Bright Monday

Monday has proven to be a good day for the entire Bitcoin (BTC) as the US Treasury has made a promising announcement in their favor.

As the Monday trading session began, the trading price of Bitcoin rose to a higher level. The investors were glad to witness a great jump in the trading price of the largest crypto asset.

The data shows that the trading price of BTC rose to a high of $22,000 as the new week began.

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The surge was recorded as the US Treasury made a promising announcement pertaining to the funds of the depositors stuck at the Silicon Valley Bank (SVB).

The authority announced on Monday that the funds of the depositors would be backstopped. This meant that they would get their deposits back.

This was a breather not only for the depositors at the SVB but also for the investors from the cryptocurrency industry.

Surprisingly, the US Treasury made the announcement not just for the Silicon Valley Bank but also for the depositors of the Signature Bank.

This meant that all the investors and firms connected with these banks can rejoice and rest assured about the future of the cryptocurrency industry.

Pump in BTC’s Price

Even before the Monday rally was recorded, the value of the asset had been moving upward. Monday until Friday, Bitcoin’s trading price plunged below the $19,000 mark.

However, the rally hit over the weekend and BTC’s price was once again, moving in the upward direction. Over the weekend, the price of BTC rose from a low of $19,000 to over $20,000.

On Sunday, the price of Bitcoin went to a high of $20,475.60 and that is when the real show began. With the day coming to an end, the price of the asset continued rising but the real rally was waiting to happen on Monday.

As the US Treasury made the announcement about the impacted banks, the trading price of Bitcoin surged significantly.

On Monday, the trading price of the asset went all the way up to a high of $22,728.52. Investors are glad that Bitcoin has turned out to be very promising even when the new week has just begun.

Bitcoin’s rally had started to gain momentum just as the price of BTC had moved past the $20,000 barrier on Saturday. As of Monday, with BTC hitting a high of $22,728.52, it has managed to hit a 10-day high.

RSI Keeps Surging

Due to the constant rebounds and surges, Bitcoin’s RSI has continued inclining as well. The data shows that Bitcoin’s RSI has crossed the 44.00 level, considered the ceiling of the asset.

It is now moving even higher and may cross the 50.00 index, which is the strong resistance mark. As of now, the RSI for Bitcoin is in the 47.89 zone and it may continue moving higher.

According to the statistics, this is the highest level the RSI for BTC has hit since the 2nd of March.

Ethereum Price is Surging as well

Bitcoin was not the only cryptocurrency with the lucky charm because Ethereum (ETH) has demonstrated strong performance as well.

ETH’s journey since the beginning of March was somewhat similar to BTC’s journey. Its price also experienced a dip right from the beginning of the past week.

However, as ETH entered the weekend, its price started to move higher. In the past 24-hours, the trading price of ETH has surged from a low of $1,468.74 to a very high trading price of $1,629.37.

ETH is still visiting the strong bullish territory and it has crossed several resistance levels to get to its current trading level.

The buying sentiments of the investors are very high at the moment. Due to the current developments, the bullish trend may continue, which may push ETH’s price to $1,700.

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