• Confidence in the US financial system is eroding and investors are looking for the next weakest link to collapse.
• Bitcoin has held strong and is hovering near its critical overhead resistance at $31,000.
• Ethereum has broken out of a triangle pattern which may pull the Bitcoin price above $30,000.
U.S. Financial System Under Pressure
The U.S. equities markets have become increasingly vulnerable to adverse news on regional banks, as seen from the sell-off in the past three days. Investors are trying to find the next weakest link that is about to collapse, with hedge fund CEO Bill Ackman warning that time was running out to fix the problem.
Bitcoin Holding Strong
In contrast to equities markets, Bitcoin (BTC) has held strong and is currently hovering near its critical overhead resistance at $31,000. Gold prices have also risen close to their all-time high during this week – indicating that Bitcoin is currently being treated as a safe-haven asset by investors who are adding it to their portfolios alongside gold investments.
Ether Breaking Out of Triangle Pattern
The bulls have pushed Ether (ETH) above the resistance line of a symmetrical triangle pattern on May 5th – showing that they were able absorb supply and come out on top in terms of market power. If buyers can sustain ETH/USDT prices above this triangle, then we could see a rally towards $32,400 – where bears will likely mount a strong defense since breaking through this level could cause further increases up towards $40,000 .
Potential Downsides for BTC/USDT
A break and close below the triangle would indicate that bears have overpowered bulls and could lead BTC/USDT tumbling down towards $25,250 .
Conclusion
Time will tell if investors can continue pushing Bitcoin over its currentCritical overhead resistance level of $31,000 or if bearish sentiment will overcome bullish sentiment leading BTC/USDT pair downwards again – but studying price patterns across top 10 cryptocurrencies could help predict potential future trends in these assets’ prices