Bitcoin has shown resilience amidst the banking crisis and a possible further devaluation of the US dollar. Despite its price hovering around the $30,000 resistance level, the recent $340 million liquidation in leveraged futures and the failure of First Republic Bank have impacted Bitcoin's price. However, Bitcoin's support level of $28,000 remains intact, and margin and futures indicators remain healthy, indicating that sellers are not willing to bet on a move down to $26,000.
Analyst Marcel Pechman highlights that the banking crisis could lead to further devaluation of the US dollar, while Bitcoin may benefit in the long term. The VIX S&P 500 volatility indicator, which recently reached its lowest level in 18 months, could signal a cycle top or low in the near term. Despite the possibility of a dip to $26,000, Bitcoin’s $28,000 support level seems to be a safe haven for investors amidst the current economic climate.
