Bitcoin's price is up 3.5% to $28,331, signaling a path to recovery after facing strong selling pressure in recent weeks. The recent price surge comes amid news of another major US bank, First Republic Bank, facing massive capital outflows and working on unloading between $50 billion and $100 billion in debt instruments as part of its "strategic options." This hints that Bitcoin is serving as a safe haven for investors. On-chain data provider Santiment reports that Bitcoin's social dominance remains high, and as long as it sustains above $25,300, the price may rally towards $42,000. Crypto analyst Michael Van de Poppe adds that the market structure is still not bearish until Bitcoin flips $25,000 into a resistance, and $27,800 is the crucial breaker for a fast acceleration. (coingape)
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