Bitcoin makes a new high of $27K- Are shorting opportunities limited

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Bitcoin [BTC] retested the $26K price level twice within a week. Investors partly fueled the retest, seeking alternatives following the U.S. bank run and declining faith in the traditional banking system.

Read Bitcoin [BTC] Price Prediction 2023-24

At press time, BTC’s value was $27.30K, hovering around its June 2022 price level. Similarly, the move comes after First Republic Bank faced more trouble highlighting uneasiness in the U.S. banking sector. Could BTC’s rally be a flight for safety for investors hedging against the U.S. financial instability? 

Source: BTC/USDT on TradingView

BTC broke below the $25K amidst increased market uncertainty made worse by the U.S. bank run. But BTC bounced back from $20K and cleared the hurdle at $22K.

The king coin was temporarily confined within the $23.98K – $25.07K range and broke above it last week (March 14), making a new high of $26.39K after assurance from U.S. regulators that depositors of troubled banks would be made whole. 

At press time, BTC hit the $26K zone and closed above it, setting it for a new high in the $27K area. If bulls defend the new support at $27,208, BTC could retest $27,757 or increase to $28.17K. Other key resistance levels are at $28.65K and $29.51K. 

Alternatively, short-sellers could gain leverage if BTC closes below $27.21K. But bears must clear the hurdle at $26.37K and $25.07 to dent the bullish sentiment.

A break below the 26-period EMA ($25.29K) could attract more aggressive selling. However, the drop could likely slow to $23.98K or 200 EMA ($23.06K). 

The Relative Strength Index (RSI) retreated