Bitcoin (BTC<\/a>) hit new nine-month highs on March 17 as the latest events in the growing United States banking crisis boosted crypto markets.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting $27,025 on Bitstamp before consolidating.<\/p>\n At the time of writing, the pair circled $26,500 with volatility ongoing after the Wall Street open.<\/p>\n A catalyst for fresh upside had come in the form of the Federal Reserve\u2019s balance sheet data overnight, this showing almost $300 billion being injected into the economy as part of the banking crisis response.<\/p>\n The event effectively undid months of liquidity removal under the Fed\u2019s quantitative tightening (QT), and commentators were quick to call the restarting of the opposite phenomenon \u2014 quantitative easing (QE).<\/p>\n \u201cThey\u2019ll tell you it\u2019s not QE, but the numbers don\u2019t lie. Roughly half of the reduction from a year of quantitative tightening has been erased in a week,\u201d trader, analyst and podcast host Scott Melker, known as \u201cThe Wolf Of All Streets,\u201d commented<\/a>.<\/p>\n Bitcoin thus followed a strong performance for U.S. equities the day prior.<\/p>\n For market commentators, belief was there that the uptrend could continue despite stocks producing sideways action on the day.<\/p>\n \u201cBitcoin is trying to fly \u2014 this resistance line will break sooner or later,\u201d popular analytics resource Stockmoney Lizards summarized<\/a> about a chart showing a rising resistance trend line for BTC\/USD.<\/p>\n Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, eyed specific levels up and down.<\/p>\n \u201cChopperino land on Bitcoin, which means that we\u2019ll probably have some sideways structures,\u201d he told<\/a> followers on the day. <\/p>\n \u201cNeeds to hold $26K. If that holds, $28\u201330K is next. If it loses $26K, I\u2019m punting around $25K for some longs. Relatively easy to understand.\u201d<\/p><\/blockquote>\n In his latest markets blog post<\/a>, meanwhile, Arthur Hayes, former CEO of derivatives giant BitMEX, revealed a pivot of his own.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/10468428-07c5-4bd4-bf7f-2ef372463fdf.png\")
Banking crisis volatility sees $27,000 BTC price<\/h2>\n
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Hayes: I\u2019m ditching stocks for crypto<\/h2>\n