Bitcoin (BTC<\/a>) hit its highest since the start of the month on March 13 as U.S. bank stocks saw the largest mass halt in history.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0tracked a thoroughly bullish hourly candle for BTC\/USD, which reached $23,725 on Bitstamp.<\/p>\n The move was eagerly anticipated by market participants, many of whom had warned of extreme volatility at the Wall Street open.<\/p>\n 45min into US open, and banks getting halted left, right and centre. By 4pm eastern the Fed Funds might be back at 0%. $XAU<\/a> $XAG<\/a> $BTC<\/a> $ETH<\/a> is the only way!<\/p>\n \u2014 Arthur Hayes (@CryptoHayes) March 13, 2023<\/a><\/p><\/blockquote>\n This came true, with Bitcoin and altcoins benefiting from intense uncertainty surrounding bank stocks, in particular, as trading got underway.<\/p>\n The fallout from the failure of two more U.S. banks over the weekend<\/a> was keenly felt, not just at home but in Europe, where banks also saw heavy losses.<\/p>\n \u201cMassive move of Bitcoin. Now facing next resistance zone (I couldn\u2019t get $21.6K),\u201d Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, reacted<\/a>.<\/p>\n \u201cTrend is back up, buying the dip on S\/R flips seems the game. Resistance around $23.3-23.6K, if it stalls and consolidates -> altcoins should continue.\u201d<\/p><\/blockquote>\n Trader and analyst Rekt Capital, who previously argued that the monthly candle needed to close to confirm a longer-term trend break, called Bitcoin\u2019s dip below $20,000 the week prior a \u201cbear trap.\u201d<\/p>\n \u201cThe way BTC has recovered within such a short space of time just shows that the drop to ~$20000 was a Bear Trap,\u201d he wrote<\/a> in one of many tweets as BTC\/USD hit $23,500.<\/p>\n Rekt Capital called the uptick \u201cphenomenal\u201d in further analysis, with 18% added versus the local lows from March 10.<\/p>\n Phenomenal #BTC<\/a> rebound from the Pi Cycle MA and Monthly Range Low support area$BTC<\/a> has rallied +18% and is now attempting a breakout from the Range<\/p>\n It’s been a crazy week in Crypto#Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/2bWKwPUlF2<\/a> pic.twitter.com\/rrG0bsNita<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) March 13, 2023<\/a><\/p><\/blockquote>\n \u201cIf $22.4k holds as the new floor, that\u2019s all and a bit more that price needs to gain momentum to the Main Resistance in the $24.1k-$25k range and truly break through,\u201d trader Gaah continued<\/a>. <\/p>\n \u201cWe could have more price explosions, watch out in that region.\u201d<\/p><\/blockquote>\n Gaah shared a liquidity chart from Caue Oliveira, head of research and on-chain analysis at Brazilian crypto insights firm BlockTrends:<\/p>\n Outside crypto, the picture was slowly improving for U.S. stocks \u2014 with the exception of some banks.<\/p>\n Related:\u00a0Fed starts \u2018stealth QE\u2019 \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Some of the worst performers of the day included First Republic Bank, which lost 76% to see trading halted soon after the opening bell.<\/p>\n Overall, as entrepreneur Brian Roemmele noted<\/a>, more U.S. bank stocks were halted than ever before in history.<\/p>\n First Republic slumps more than 60% in US premarket trading as measures taken by US authorities to calm investor concerns failed to provide relief to the regional lender\u2019s shares. (BBG) pic.twitter.com\/Jf49izSvcu<\/a><\/p>\n \u2014 Holger Zschaepitz (@Schuldensuehner) March 13, 2023<\/a><\/p><\/blockquote>\n In addition to rethinking the likelihood of U.S. Federal Reserve interest rate hikes continuing on March 22, markets meanwhile were also reducing<\/a> expectations that the European Central Bank would hike by 0.5% this week.<\/p>\n Among European losses on the day was the already-embattled Credit Suisse, which was down over 7% to new all-time lows at the time of writing.<\/p>\n \u201cThe problem for Credit Suisse (and others like it) is that it cannot cover deposit flight by borrowing in money markets. It can only go to the Swiss National Bank, in effect for a second bail out. Will the SNB play ball?\u201d Alasdair Macleod, head of research for Goldmoney, queried<\/a>.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/933f09b1-7476-40e4-8cf9-36e6fb667438.png\")
BTC price sees \u201cphenomenal\u201d rebound<\/h2>\n
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Bank stocks halted as contagion spreads to Europe<\/h2>\n
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