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US bank bloodbath: Bitcoin hits $23.7K as BTC price analyst calls SVB dip ‘bear trap’

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Bitcoin price is up nearly 20% in days as Wall Street opens to multiple bank stocks halted due to extreme losses.

Bitcoin (BTC) hit its highest since the start of the month on March 13 as U.S. bank stocks saw the largest mass halt in history.

933f09b1-7476-40e4-8cf9-36e6fb667438.pngBTC/USD 1-day candle chart (Bitstamp). Source: TradingView

BTC price sees “phenomenal” rebound

Data from Cointelegraph Markets Pro and TradingView tracked a thoroughly bullish hourly candle for BTC/USD, which reached $23,725 on Bitstamp.

The move was eagerly anticipated by market participants, many of whom had warned of extreme volatility at the Wall Street open.

45min into US open, and banks getting halted left, right and centre. By 4pm eastern the Fed Funds might be back at 0%. $XAU $XAG $BTC $ETH is the only way!

— Arthur Hayes (@CryptoHayes) March 13, 2023

This came true, with Bitcoin and altcoins benefiting from intense uncertainty surrounding bank stocks, in particular, as trading got underway.

The fallout from the failure of two more U.S. banks over the weekend was keenly felt, not just at home but in Europe, where banks also saw heavy losses.

“Massive move of Bitcoin. Now facing next resistance zone (I couldn’t get $21.6K),” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.

“Trend 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.”
BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter

Trader and analyst Rekt Capital, who previously argued that the monthly candle needed to close to confirm a longer-term trend break, called Bitcoin’s dip below $20,000 the week prior a “bear trap.”

“The way BTC has recovered within such a short space of time just shows that the drop to ~$20000 was a Bear Trap,” he wrote in one of many tweets as BTC/USD hit $23,500.

Rekt Capital called the uptick “phenomenal” in further analysis, with 18% added versus the local lows from March 10.

Phenomenal #BTC rebound from the Pi Cycle MA and Monthly Range Low support area$BTC has rallied +18% and is now attempting a breakout from the Range

It's been a crazy week in Crypto#Crypto #Bitcoin https://t.co/2bWKwPUlF2 pic.twitter.com/rrG0bsNita

— Rekt Capital (@rektcapital) March 13, 2023

“If $22.4k holds as the new floor, that’s 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,” trader Gaah continued.

“We could have more price explosions, watch out in that region.”

Gaah shared a liquidity chart from Caue Oliveira, head of research and on-chain analysis at Brazilian crypto insights firm BlockTrends:

BTC/USD annotated chart. Source: Caue Oliveira/Twitter

Bank stocks halted as contagion spreads to Europe

Outside crypto, the picture was slowly improving for U.S. stocks — with the exception of some banks.

Related: Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week

Some of the worst performers of the day included First Republic Bank, which lost 76% to see trading halted soon after the opening bell.

Overall, as entrepreneur Brian Roemmele noted, more U.S. bank stocks were halted than ever before in history.

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’s shares. (BBG) pic.twitter.com/Jf49izSvcu

— Holger Zschaepitz (@Schuldensuehner) March 13, 2023

In addition to rethinking the likelihood of U.S. Federal Reserve interest rate hikes continuing on March 22, markets meanwhile were also reducing expectations that the European Central Bank would hike by 0.5% this week.

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.

Credit Suisse 1-day candle chart. Source: TradingView

“The 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?” Alasdair Macleod, head of research for Goldmoney, queried.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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