Bitcoin's Price Nears $100,000 Amid Banking Crisis and Bullish Sentiment

• Bitcoin could reach $100,000As U.S. banks face insolvency, Bitcoin's value rises.
• 63 U.S. banks on brink of collapseCollectively holding $517 billion in unrealized losses.
• Bitcoin's rise linked to banking crisisFederal Reserve's emergency measures sparked Bitcoin bull run in 2023.
• BTC price up 148% since 2023 crisisExpected to break out to new all-time highs.
• Bitcoin ETF inflows driving rallyU.S. Bitcoin ETFs see positive inflows, contributing to price surge.
• Resistance at $72,000 for BitcoinBreakout could liquidate over $922 million in leveraged short positions.

Summary :
Bitcoin's price is approaching the psychological milestone of $100,000 as the narrative of it being "digital gold" gains more prominence. The United States is facing a banking crisis, with 63 banks on the brink of insolvency and collectively sitting on $517 billion worth of unrealized losses. The collapse of Silicon Valley Bank, the voluntary liquidation of Silvergate Bank, and the forced closure of Signature Bank have raised concerns about the health of the banking system. The Federal Reserve's Bank Term Funding Program, which offered loans to banks in exchange for collateral, sparked the Bitcoin bull run in 2023. Bitcoin's price has risen over 148% since the beginning of the banking crisis. Analysts predict that Bitcoin could break out to new all-time highs and reach $100,000 based on chart patterns. Inflows from US Bitcoin ETFs have also contributed to Bitcoin's upward momentum. However, Bitcoin faces resistance at the $72,000 mark, which could trigger liquidation of leveraged short positions. It's important to note that this article does not provide investment advice.

Sources :

- CoinTelegraph