Bitcoin, which started the week when the Fed's interest rate decision will be announced, fell to $ 27,600.
This decline in BTC continued after JP Morgan announced that it would buy First Republic, one of the largest banks in the US, which collapsed.
San Francisco-based First Republic; Silvergate is the fourth bank to go bankrupt in the last two months, after Silicon Valley and Signature.
Stating that the US regulators reacted quickly to the collapse of the First Republic, Oanda stock market analyst Edward Moya argued that the rapid steps taken after the collapse of the First Republic showed that the US was ready to quickly deal with the crises in the banking sector.
Evaluating the First Republic's bankruptcy and the impact of the quick fix on the cryptocurrency market, Edward Moya said:
“The US banking system appears to have certain tactics for dealing with banking crises.
This leaves the cryptocurrency market in the shade.”
Apart from Edward Moya, analysts of Blockware Solutions also evaluated Bitcoin.
Analysts, who are waiting for a correction up to $ 25,000 in BTC, pointed out that there may be pullbacks in order to measure the remaining purchasing power after the $ 25,000 breakout.
“After the break of $25,000 in BTC, there may be decreases to measure the remaining purchasing power, it is necessary to pay attention to this.
However, if we talk on behalf of BTC, we can say that it gives bullish signals.
Also, Bitcoin has a strong resistance between $30,000 and $31,000. The FOMC decision will either strengthen or destroy BTC's resilience."
BTC continues to trade just above $28,000 at the time of writing.
*Not investment advice.