• Bitcoin (BTC) recently made a new all-time high of $26.39K, driven by investors seeking alternatives to the U.S. banking system.
• At press time, BTC was trading around the $27K mark, with key resistance levels at $28.65K and $29.51K and support at $26.37K and $25.07K.
• Sentiment was positive despite increasing sell pressure, evidenced by a rise in BTC exchange flow balance and supply on exchanges.
Bitcoin Breaks New Highs
Bitcoin (BTC) recently made a new all-time high of $26.39K, driven by investors seeking alternatives to the U.S. banking system amid the recent U.S bank run and declining faith in traditional banking systems . At press time, BTC was trading around the $27K mark, with key resistance levels at $28.65K and $29.51K and support at $26.37K and $25.07K respectively .
Market Sentiment Remains Positive
Sentiment remains positive despite increasing sell pressure due to the U.S bank run , as evidenced by an increase in BTC exchange flow balance and supply on exchanges . This indicates more Bitcoin has been flowing into exchanges than out , suggesting that sellers may be taking profits off the table after seeing Bitcoin’s recent price surge .
Technical Indicators Point To Further Gains
The Relative Strength Index (RSI) retreated to overbought territory , pointing to increased buying pressure for Bitcoin . Similarly , On Balance Volume (OBV) also made new highs , suggesting there is genuine demand for Bitcoin from investors .
Potential Resistance Levels Ahead
If bulls continue defending their position at the new support level of 27208 USDT , then BTC could potentially retest 27757 USDT or even exceed 28170 USDT . Other potential resistance levels are 28645 USDT or 29514 USDT respectively . Alternatively , if short sellers gain leverage if BTC closes below 27213 USDT then bears will have to clear 26373 USDT or 25070 USDT before they can dent bullish sentiment again .
Conclusion
In conclusion , although there is still some lingering sell pressure due to recent US bank run events, overall sentiment remains positive for Bitcoin with technical indicators pointing towards further gains ahead if bulls continue defending their position at current support levels .