Bitcoin moved up to a swing area

The price bitcoin is currently trading just short of the $24,000 level. The high price reach $24,618. The low price is way down at $21,900 today. On Friday, the low price reached $19,569. Since then, the price is up around 22.5%.

In that time, two banks have officially gone under, but the FDIC has guaranteed all deposits at all institutions.

Despite the crisis and concerns, but the FDIC backing, the price of bitcoin has pushed higher. Is crypto the safe haven? I don't know. It would seem that crypto exchanges/brokers could have similar risks as a SVB.

Technically, the dip buyers on Friday found support against its 200 day moving average near $19,718.53. The price was still below the 100 day moving average at the close on Friday, but on a Saturday, the price moved and closed above the 100 day moving average. Yesterday momentum developed taking the price to a high of $22,269.

Today the momentum took the price to $24,618. In the process, the price moved back above the February 2 high at $24,258, but fell short of the swing high from February 16 at $25,270. The high price on February 21 reached $25,250. Overall there is a swing area between $24,258 and $25,270. The high price today reached between those levels of $24,618.

Going forward, it would take a move above that swing area (see red numbered circles in the chart above) to increase a bullish bias. Absent that than the high price today although sharply off the low from last Friday, is just a correction into the topside resistance area.