Can Bitcoin Reach $30,000? Thanks SVB collapse, it is possible
Bitcoin (BTC) has successfully recovered from last week's losses, which were triggered by failing banks in the US that caused a deep in major US-based stablecoins.
However, the Federal Reserve's assurance that affected investors would be compensated instilled confidence and catalysed a recovery rally.
During the banks' collapse, panic spread throughout the markets, leading holders to swap affected stablecoins for safer alternatives such as USDT, BUSD, and TUSD. Some market participants also creatively swapped their USDC for BTC or bought USDC at a discount, hoping it would return to the peg.
Currently, the Bitcoin price has overcome the $24,000 hurdle and is hovering around $24,333.
If Bitcoin breaks the resistance line (25,600), it could trigger a rally to the next major level, at $28,000, followed by the next psychological level at $30,000.
Trade safe!
