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Bitcoin price is up today as the initial shock of the SVB crisis gives way to a BTC price recovery above $20,000. The question now is how could BTC/USD behave in the coming days?
Bitcoin is up on March 11 as cryptocurrency markets stabilize following panic over a potential banking crisis. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD climbing past $20,300 at the time of writing, the pair up 2% from the day’s lows.
After threatening to lose $20,000 as support, bulls are attempting to preserve some significant trend lines as weekend trading offers a chance for increased volatility.
Crypto markets digest SVB crisis
After sending an eerily similar signal to Silvergate bank, Silicon Valley Bank (SVB) and its parent company SVB Financial managed to spark significant panic across crypto markets. As liquidity concerns piled up, Bitcoin led crypto in sliding to multi-month lows.
However, the dust appears to be already settling. The initial shock of another bank failing has given way to a more sober assessment of the situation. While it‘s still too early to tell what the long-term fallout will be, it seems that the markets are starting to stabilize.