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<ul>
<li><strong>Bitcoin price surges above $28K, breaking its losing streak.</strong></li>
<li><strong>Rally driven by concerns over the banking sector and potential liquidity injections.</strong></li>
</ul>
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<p>After five days of struggling below $28,000, Bitcoin <a href="https://www.ethnews.com/report-bitcoin-in-a-sideways-trend-will-it-reach-25000-or-30000-by-weeks-end/">experienced</a> a surprising upswing, lifting much of the market along with it. The largest cryptocurrency by market capitalization was recently trading above $28,300, up about 3.7% over the past 24 hours. The cause of the surge remains unclear.</p>
<figure id="attachment_18804" aria-describedby="caption-attachment-18804" style="width: 936px" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-18804" src="https://www.ethnews.com/wp-content/uploads/2023/04/Bitcoin.jpg" alt="Bitcoin Price 7 days" width="936" height="509" srcset="https://www.ethnews.com/wp-content/uploads/2023/04/Bitcoin.jpg 936w, https://www.ethnews.com/wp-content/uploads/2023/04/Bitcoin-300x163.jpg 300w, https://www.ethnews.com/wp-content/uploads/2023/04/Bitcoin-768x418.jpg 768w, https://www.ethnews.com/wp-content/uploads/2023/04/Bitcoin-696x378.jpg 696w" sizes="(max-width: 936px) 100vw, 936px" /><figcaption id="caption-attachment-18804" class="wp-caption-text">https://coinmarketcap.com/currencies/bitcoin/</figcaption></figure>
<p><a href="https://www.ethnews.com/prices">Bitcoin&#8217;s price</a> started rising less than a day after the troubled First Republic Bank reported losing $100 billion in deposits during its first quarter earnings presentation on Monday, reigniting concerns about the banking sector&#8217;s stability. Last month, cryptocurrencies gained ground amid a series of U.S. regional banking collapses, as investors sought refuge in assets that retain their value.</p>
<h2 id="banking-sector-concerns-drive-bitcoin-8217-s-rally">Banking Sector Concerns Drive Bitcoin&#8217;s Rally</h2>
<blockquote><p>With First Republic Bank appearing like it could go under, I suspect the market is anticipating even more liquidity injections to support what seems to be an American banking sector still very much in crisis,</p></blockquote>
<p>said Jake Boyle, director of Caleb &amp; Brown, a retail crypto brokerage.</p>
<blockquote><p>Bitcoin, as a result, is front-running these expectations. Cracks in the financial system are growing, even if relatively subtly at the moment, and it&#8217;s going to be incredibly difficult for the Fed to stick to its tightening regime moving forward.</p></blockquote>
<p>Boyle added that Bitcoin&#8217;s recent rally is more linked to liquidity injections and rising expectations that the Fed&#8217;s tightening will likely have to end soon, or else even greater turbulence in the banking sector could ensue.</p>
<h2 id="short-squeezes-and-technical-indicators">Short Squeezes and Technical Indicators</h2>
<p>Data from analytics firm Coinglass <a href="https://www.coinglass.com/LiquidationData">showed</a> that around $11.3 million of BTC short positions had been liquidated since 4 p.m. Historically, short squeezes have tended to accelerate price jumps. Ether was recently trading at around $1,870, up 1.8% from the same time on Monday.</p>
<p>Other major cryptocurrencies were mostly in the green, with <a href="https://www.ethnews.com/cardano-solana-and-polygon-skyrocket-in-nft-sales-while-ethereum-slumps/">SOL</a>, the native token of the Solana blockchain, and ADA, the native cryptocurrency of the <a href="https://www.ethnews.com/cardanos-ssi-solution-atala-prism-gains-open-core-adoption-by-major-open-source-foundation/">Cardano smart contracts platform</a>, both recently rising more than 3%.</p>
<p>Technical analyst Glenn Williams pointed out that at least two technical indicators were foreshadowing a Bitcoin rebound. Williams observed that BTC&#8217;s recent decline coincided with an expected drop in momentum but also with a move towards the lower end of the Bollinger Band.</p>
<p>Bollinger Bands map an asset&#8217;s 20-day moving average and calculate two standard deviations above and below the average. An asset&#8217;s price is expected to stay within two standard deviations of the average 98% of the time, so a breach above or below is significant. Williams wrote that</p>
<blockquote><p>Bitcoin approaching the lower range of its Bollinger Bands raises questions about its near-term path, but given recent history, technical analysts could expect BTC prices to advance, albeit methodically, back to their 20-day average.</p></blockquote>
<div class="cryptoboxes" id="mcw-12344" data-realtime="on"><div class="mcw-chart mcw-chart-light" data-font = "inherit" data-chartcoin = "BTC" data-chartcurrency = "USD" data-chartrate = "1.000268" data-charttype = "chart" data-chartview = "day" data-charttheme = "light" data-chartsmooth = "true" data-chartareacolor = "" data-chartbgcolor = ""></div></div>
<p>The post <a rel="nofollow" href="https://www.ethnews.com/bitcoin-surges-to-28300-can-the-rally-sustain-or-will-btc-price-fall-to-25000/">Bitcoin Surges to $28,300: Can the Rally Sustain or Will BTC Price Fall to $25,000?</a> appeared first on <a rel="nofollow" href="https://www.ethnews.com">ETHNews: Bringing you the news of everything blockchain, Ethereum, and the internet.</a>.</p>

Bitcoin Surges to $28,300: Can the Rally Sustain or Will BTC Price Fall to $25,000?

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