European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. The latest selling was triggered after Deutsche Bank’s credit default swaps, which offer protection to the buyer against specific risks, soared on March 23 without any known catalyst. That pulled down the shares of the German lender by 11%.
European Central Bank President Christine Lagarde attempted to calm the markets, saying that the euro area baking sector was strong due to the regulatory reforms introduced after the global financial crisis. That could be one of the reasons for the solid recovery in the United States equities markets from the intraday lows.
Although the banking crisis has been positive for Bitcoin’s (BTC) price, the trend may pause if the contagion spreads. During times of panic, traders sell assets to curtail risk. At that time, if Bitcoin does not break below the $25,000–$20,000 support zone, it will suggest that the bear phase is over.
Could Bitcoin and most major altcoins witness a minor correction? What are the important support levels to keep an eye on? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin formed an inside-day candlestick pattern on March 23, indicating uncertainty among buyers and sellers. The bulls want to extend the up-move, but the bears are in no mood to relent. That has kept the price within a small range.
Generally, a tight consolidation near a local high is a sign that traders
Go to Source to See Full Article
Author: Rakesh Upadhyay
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
