Bitcoin still stuck at 28,000; "The upward momentum is losing some of its charm"

Bitcoin remains stuck at $28,000 ($27,830) on Monday while fears over the financial crisis fade as things improve in Europe (Deutsche Bank bounces back strongly) and also in the US (First Citizens will take deposits and loans from bankrupt Silicon Valley Bank).

Bitcoin has been seen as something of a safe haven during this banking crisis. If the crisis really starts to abate -something that is not confirmed at all yet-, we will have to see how the cryptocurrency reacts.

"If you are looking for the best performing assets of the bank crisis, I’d say, consider gold, which gained almost $200 per ounce since the SVB collapsed, and Bitcoin, which gained around $10,000 during the same period," stressed Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Naeem Aslam, head of analytics at Zaye Capital Markets, agrees that the crisis in the banking system is largely fueling the rise in Bitcoin's price.

"Having said this, we think that the upward momentum that we experienced in the past few weeks is losing some of its charm as the price has started to consolidate ahead of an important psychological price level of $30,000."

In Aslam's view, the crypto should comfortably break above this price and hold above it if the rally is to continue its journey towards its next major resistance at $50,000.

Translator: Alejandra Zamora