Confidence in the United States financial system seems to be eroding fast, with investors trying to find the next weakest link that is about to collapse. Bill Ackman, CEO of hedge fund management firm Pershing Square, cautioned that time was running out to fix the problem.

The U.S. equities markets have become vulnerable to adverse news on the regional banks, as seen from the sell-off in the past three days. Compared to that, Bitcoin (BTC) has held strong and is hovering near its critical overhead resistance at $31,000.

Bitcoin is not the only outperformer. Gold had risen close to its all-time high during the week. This shows that Bitcoin is currently behaving as a safe-haven asset and investors are adding it to their portfolios along with gold.

Could Bitcoin overcome the barrier at $31,000 and extend the up move? Will the altcoins follow Bitcoin higher? Studying the charts of the top 10 cryptocurrencies can help answer these questions.

Bitcoin price analysis

Bitcoin continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears. Usually, the trend that was in force before the formation of the triangle tends to resume. That means the price is likely to break out to the upside.

If the price closes above the triangle, the BTC/USDT pair could rally to $32,400. The bears are expected to mount a strong defense at this level because if the bulls drive the price above $32,400, the rally could reach $40,000.

Contrarily, if the price turns down from the resistance line, it will suggest that the pair may continue its random price action inside the triangle for a few more day

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Author: Rakesh Upadhyay

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