Bitcoin price has reached a 9-month high at over $27,000 following the recent traditional banking fiasco. BTCUSD is currently reflecting a negative correlation with the US dollar, as it projects a bullish narrative – a cup and handle chart pattern projecting a potential 38% upswing if support is sustained.

Analysts are paying close attention to the 200-week Simple Moving Average (SMA), coinciding with the breakout line of the aforementioned chart pattern at $25,309, a crucial level for the bulls to protect for further upside potential.

A break below the critical foothold could spoil the bullish narrative, as Bitcoin would search for support at the 61.8% Fibonacci retracement level at $23,069.