Bitcoin marked a magnificent recovery in a short while and withstood the extreme bearish pressure caused by the fallout of the crypto-friendly bank, SVB. While the US economy is believed to get badly hit by the recent development but the crypto space is thriving and marking new intraday highs. BTC price, especially, generated a monster-bullish candle which pushed the price beyond $23,500.
Some while ago, the CEO of Binance, CZ announced via a post that the platform will convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native cryptos like BTC, and BNB.
With the recent updates, the BTC price which has bounced off from its realized price of $19,713, soared high beyond $23,000.
Presently, the BTC price is fighting heavy resistance and a clear price move beyond certain levels may kick off a bull run ahead.
As mentioned by the analyst, the price is on its way to testing the 200-Weekly MA levels which are extremely important to clear. A fine upswing beyond these levels may pave way for the tokens to rise beyond $50W MA levels, beyond which the bull run could be validated.
On the day when the bank stocks are in free fall, Bitcoin price soars high which is a clear indication of a safe harbor to those fleeing debasement and counterparty risk. Therefore, Satoshi’s invention which was created as a solution to the malpractices of the centralized banks appears to have worked very accurately.