On the daily chart below, we can see that the spike above the key resistance at 28911 was faded soon after as the price fell back below the level. The moving averages have crossed to the downside in a possible early signal that the move above the resistance may have been a fakeout and the trend is changing.

The last couple of days though the price spiked again above the resistance in a move that is reminiscent of what happened after the Silicon Valley Bank collapse. In fact, the spikes started after the First Republic Bank reported a 40% fall in deposits and reignited fears of another banking crisis.

BTCUSD technical analysis

On the 4 hour chart below, we can see that the spikes above the resistance level are finding strong sellers that keep pushing the price below the level. The 61.8% Fibonacci retracement level seems to be the barrier, so we can expect that if the buyers manage to break through it again, Bitcoin may start another rally. The sellers keep leaning on this resistance area to target another selloff towards the next support at 25231.

On the 1 hour chart below, we have two important levels that will likely decide the next big move. For the buyers a break above the 61.8% Fibonacci retracement level would open the door for a rally towards the high at 31044 and beyond. For the sellers a break below the black support at 28000 may be followed by a selloff to 25231 level.