Bitcoin hits a 2023 high above $28,500 as investors explore alternatives to banks Bitcoin BTC Bitcoinprice
- Bitcoin continues to gain favor among investors amid a spreading global banking contagion, as the top crypto rallied to its highest price in more than nine months on Monday. This came after Swiss authorities announced that banking giant UBS had bought out its distressed competitor, Credit Suisse, for $3 billion.
“Bulls have the solid near-term technical advantage amid a fledgling price uptrend in place on the daily bar chart,” Wyckoff said, adding, “More upside is likely in the near term.” This “shows us that there is huge speculation in the market right now, so we could see a big move in either direction,” Sotiriou added. “Due to the funding rate of most coins flipping green, I am anticipating a flush in the market soon, as a positive funding rate indicates that the positioning in the futures market is mainly aggressive longs – when there is high open interest with aggressive longs, it typically means over-leveraged longs need to be wiped out.
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