March 31, 2023

On Saturday, Bitcoin surged past the $20,000 mark, despite the financial markets being in a state of uncertainty due to the collapse of another banking institution. The US regulators shut down Silicon Valley Bank on Friday, causing several institutions to lose access to capital, including Circle, the issuer of USDC, which led to a USDC depegging. However, Bitcoin managed to rebound and reach an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25. The 14-day relative strength index (RSI) found a floor at the 27.00 level, contributing to the marginal rally in price. Ethereum also experienced a rebound on Saturday.

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